Bitcoin storage specialists Elliptic have reportedly raised $2 million in investment capital from Octopus Investments.
Elliptic is the first United Kingdom-based company involved with bitcoin to receive a major investment such as this one. The company, launched approximately six months, is looking to offer digital asset services, primarily for businesses and financials institutions.
One such service is Elliptic Vault, a storage solution that’s fully-insured and as one would expect, highly secure.
“We want to make it very easy for companies to use. If they’re used to other types of financial products,” said Elliptic CEO James Smith to GigaOM. “…a hedge fund is used to having everything with a custodian, normally a bank. The way reporting fits into their systems is quite standardized, but bitcoin doesn’t fit easily into that picture because banks won’t handle it, and so on.”
The investment round will allow Elliptic continue their product development and expand their business both in the United Kingdom and abroad.
Elliptic joins other services like Xapo that are hoping to earn the trust of those looking to safely and securely store their digital currency assets. Most recently, Xapo raised a whopping $20 million from Greylock Partners and Index Ventures.
Should be interesting to see the investment translate into new opportunities for Elliptic.
Elliptic was part of the Seedcamp program, of which Octopus is an investor, according to TechCrunch.