Mexican bitcoin exchange Volabit has received a significant investment, a new report from bitcoin news website CoinDesk indicates.
The $250,000 funding comes from the Bitcoin Opportunity Corp., an investment firm led by SecondMarket and Bitcoin Investment Trust CEO Barry Silbert.
Silbert sees potential in the exchange, and according to CoinDesk, is confident that the exchange can attract a significantly underbanked market in Mexico.
“Through the use of bitcoin, Volabit has the potential to radically transform the US-Mexico remittance corridor, one of the largest money transfer corridors in the world,” he was quoted as saying.
Volabit was created by Carnegie Mellon graduates Hannah Kim and Tomas Melis, starting their business known as Coincove. With the original goal to be a remittances company, the objectives have changed slightly.
Still, the idea is to become the Coinbase of Mexico, which is certainly something they will have to work hard for.
Volabit says they will be using the investment cash to continue developing their product, as one would come to expect. The company is even said to be working on a partnership with a peer-to-peer lending first to bring low-interest loans to Mexico.
This isn’t the first venture Silbert’s Bitcoin Opportunity Corp. has funded. Just under two weeks ago, Swedish bitcoin exchange Safello also received a $250,000 investment from the Opportunity Corp.
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