CoinHako the wallet and Exchange operator, have received a angle investment from none other than Tim Draper. The venture capitalist with a deep and lengthy history relating to Bitcoin particularly his exotic purchases made during the auctions of seized coins. In his latest venture the capitalist pumped a unknown “six figure” sum into CoinHako to provide liquidity and to act as a form of investment designed to kickstart the service’s growth.
“CoinHako is cleverly filling up those gaps. Singapore is also one of the most competitive places in the world to do business.”
– Tim Draper.
Tim Draper is among a host of other investors who are providing most of the funding needed to complete the current round of funding. When asked on why and how services such as the one provided by CoinHako are needed in the country Yusho Liu, also one of the founders, replied on how trading with the cryptocurrency was unnecessarily difficult in the country.
“Liquidity is low in Southeast Asia. Order books are thin and pricing is unfavourable. Most end up going to ATMs and offline brokers and get charged exorbitant fees. With our technology, consumers are now able to purchase coins at the most competitive pricing, without even having to get out of their seats.”
– Yusho Liu
CoinHako has claimed to be a simple but functional interface allowing users to interact and trade coins and fiat on demand. With the country slowly becoming popular with bitcoin traders and business many have recoginsed the potential for business in the country. With relaxed tax laws and little economic inteervention and regulation Bitcoin business have begun to flourish such as OKCoin and Quoine which have gained a huge number of customers from the industrial country.
“The bitcoin ecosystem in Singapore is pretty robust. I think all of [the startups]are doing a great job managing their vertical. However, I’m afraid some verticals are pre-mature for the current market.”
Tim Draper, the Angel Investor
In terms of Tim Draper he has been renowned as one of the most passionate individuals embracing Bitcoin this year. Since his appearance on the Bitcoin scene he has won over Bitcoiners and businesses as his win of the first government Bitcoin auction was particularly unanticipated. Dipping his toes into Singapore, the new investment is hoped to propel development of the wallet and exchange service into the stratosphere. Being the first major exchange/wallet rooted in the country CoinHako will cover fresh pasture in its attempt to simplify purchasing Bitcoin.
Singapore may be the next haven for Bitcoin. With the country being the prime destination for many business due to its tolerance of the cryptocurreny, it may only be a matter of time till you will see Bitcoin startups popping out of the country. Tim Draper has further cemented hisd commitment and reputation as a professional venture capitalist. With Draper becoming a Bitcoin celebrity every investment he makes is under the public eye. Leave your comments below on what and how CoinHako may be a beneficial service to the already expanding Bitcoin infrastructure.
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