Elliptic takes $2M investment to help firms store and handle bitcoin

Gigaom

Europe’s top banking regulator may think banks should stay away from bitcoin and other virtual currencies, but that’s good news for at least one company — Elliptic, which has just scored $2 million in seed funding from Octopus Investments and several angels.

Elliptic offers a secure, insured bitcoin service called Elliptic Vault for retailers, hedge funds, bitcoin exchanges and other companies that are trying to dabble in this new world of so-called cryptocurrencies. According to CEO James Smith, the advice of the European Banking Regulator “opens up the playing field for people like us who can step into that void.”

Smith said the funding would be used to make Elliptic Vault easier to use:

“We want to make it very easy for companies to use. If they’re used to other types of financial products… a hedge fund is used to having everything with a custodian, normally a bank…

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