As long as there is money there is power, and as long as there is power there is room to expand and grow.

One of the biggest issues bitcoin has faced throughout its existence is that many traditional businesses and institutions just don’t take it seriously.  They look at it as something that attracts scams and illegal activity, and they don’t quite understand the innovation the blockchain can bring to the digital world, so whenever a bitcoin company is able to raise a substantial amount of money to further secure its place in the world of virtual business, it is music to our ears.

Recently, the startup known as Bonafide managed to raise almost $1,000,000 ($850,000 to be exact) through a special funding round.  The money is slated to be used to build a reputation system for the bitcoin industry (and its reputation is always something the bitcoin industry can be enhancing).

Investments came from a number of prestigious companies such as Quest Venture Partners, Crypto Currency Partners and the AngelList Bitcoin Syndicate.  Bonafide.io was also listed in the Silicon Valley’s 500 startups incubation program last year.

Firm co-founder Brian Moyer says that he and partner Sean Percival saw early potential in Bonafide and bitcoin itself:

“What we’ve found is that people need to identify with something, whether it’s a person or an entity in the bitcoin ecosystem.  People need to be able to see what’s out there… Bitcoin is desperately in need of having that place for people to be able to demonstrate their validity in the space… In the end, identities are going to be the only commonality.”

Bonafide plans to launch in open beta next month.

Images from Bonafide.io and Crypto Currency Partners