Bitcoin startup now banks on colored coins

Guest Author | August 25, 2015 | 4:30 pm
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Bitcoin startup now banks on colored coins

Guest Author | August 25, 2015 | 4:30 pm

Funderbeam, a Bitcoin company, is gearing up to launch the world’s first syndicated startup investment trading platform which will use the colored coins to record trades. The news came to light when Urmas Peiker, who is the co-founder of Funderbeam, announced it while talking to IBTimes.

This task is also aided by the pioneers of Bitcoin blockchain 2.0, ChromaWay, which happens to be one of the primary developers of the colored coins.

Henrik Hjelte, Chief Executive Officer of ChromaWay stressed that”connecting the virtual tokens to real assets has a lot of subtleties”.

Explaining the subtleties he said that “While the technology is based on the Bitcoin security model, there are still details about how added protocols work that affect the security, and we believe ChromaWay has the best protocol for …the security and taking advantage of what is really good in terms of blockchain innovation.”

Urmas Peiker who leads the Bitcoin venture, also pitched in, by saying that while “there is a lot of money available to startups, the investment cycle is heavily front-loaded. Once you’ve invested in an early-stage company, but want to sell your stake, or a sliver of it, what are your options?”

Answering her question, she opined that “there aren’t many options available and that it was not just cumbersome and costly but quite weird as well as it was not a common method. She stressed that the time to upgrade the thinking process has begun.

Hjelte meanwhile stressed that “while the technology is based on the Bitcoin security model, there are still details about how added protocols work that affect security, and we believe ChromaWay has the best protocol for security and taking advantage of what is really good in terms of blockchain innovation.

Based in the United Kingdom and founded in the year 2013, Funderbeam claims to help entrepreneurs discover, benchmark, and analyze startups at a low cost and aspires to launch the world’s startup marketplace.

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