App-Controlled Bank Raises $20M From Galaxy Digital and More
By Luke Flowers – Cryptocurrency Broker
The app-controlled online bank, Current, permitting Visa debit cards and personal checking accounts under parent supervision, has raised over $20 million from Galaxy Digital EOS VC Fund and other investors.
In an Oct. 24 blog post, Current announced the news that it had raised over $20 million in a Series B round from investors such as Galaxy Digital EOS VC Fund, CUNA Mutual Group’s venture capital arm CMFG Ventures and asset management company Wellington Management Company. No information was disclosed whether these investors buy and sell Bitcoin or if this was the investment vessel.
The bank also received fresh new financial support from early-stage investment firm Elizabeth Street Ventures, Expa and venture capital firms QED Investors startup studio for entrepreneurs to create and launch new companies.
With this latest line of contributions, Current acquired a total investment of $45 million, whereas the number of accounts that were registered with the bank has broken the 500,000 thresholds.
At the end of September, Galaxy Digital EOS VC Fund had also taken part in a $15 million funding round for Sydney-based blockchain gaming startup, Immutable. Other investors included American private investment firm Apex Capital, Sydney-based VC firm Reinventure, and Naspers, the biggest shareholder of Tencent. Many gaming firms seem to be entering the space as they could exploit the mechanisms used for buying Bitcoin to power in-game currency or credit.
In fact, October has witnessed a wide range of noteworthy industry-wide investments like Bitcoin Sussie, a Swiss crypto broker, receiving a share of $3 million from CoinRoutes Inc., which is a provider of pan-exchange smart order routing and algorithmic trading software. Crypto investment and infrastructure platform Layer1 also acquired $50 million from various industry stakeholders in a Series A funding round. It appears that recently, many companies are willing to invest in cryptocurrency related firms and not necessarily those buying and selling Bitcoin.
Capital investment may have slowed but this month shows many are still interested in joining the space or continue its development.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards