As the first financial services organization to accept the popular digital currency, DriveWealth has raised over $8 million in funding from high-end investors which it has used to expand globally, and through its newfound association with BitPay, the company is aiming to give its members greater control over their accounts and shove bitcoin further into the trading arena as a potential funding method.
The move is also a likely attempt to gain trust and acceptance for bitcoin amongst banking institutions, whose approval of the digital currency has been strained due to bitcoin’s susceptibility to illegal activity.
It was recently announced that British financial powerhouse HSBC will no longer work with Global Advisors, one of the first regulated bitcoin investment funds, over fears of possible money-laundering. Attitudes of suspicion and mistrust towards cryptocurrencies have been common amongst banks, particularly large ones, but DriveWealth is working to strengthen security measures by allowing bitcoin to be used in investments, as doing so eliminates the need for certain sensitive or private information and removes the risk of fraud and identity theft.
As co-founder of BitPay Tony Gallippi states:
“Providing users with the added security of bitcoin as a payment method makes the whole process easier, and gives users peace of mind… With Bitcoin, users will no longer have to wait days or weeks for an account to be funded because this integration will make their deposit process seamless.”