Coinbase - A Paypal for Bitcoin
This fund will only close if at least $250,000 is committed by Aug. 31, 2012, midnight.
$250,000 FundersClub fund target
Coinbase named by Next Web as One of 10 Best Startups from Y Combinator's S12 Demo Day
Paypal for bitcoin (bitcoin is an online currency that allows for instant payments without transaction fees, including international money transfer, but that is presently difficult to use for non-technical people)
In just four weeks, >15,000 active users, >$44,000 in deposits, and >$65,000 in transactions. Bitcoin market cap has grown 60%, from $50M to $80M, in the past 6 months, $2M transacted/day.
"Coinbase wants to be the PayPal of Internet-only currency" - AllThingsD
The founder specialized in fraud prevention as an early software engineer at Airbnb, co-founded UniversityTutor.com (has 28,000 registered tutors), and created one of the first bitcoin apps for Android. Rice educated.
If you have questions before investing, please email email@example.com and you can submit a question to the Q&A forum below or you can also schedule a call with the Coinbase CEO, Brian Armstrong.
- Raising $250k on FundersClub to augment existing funds raised
- $1k minimum investment, $2.5k to guarantee spot in fund, $250k maximum investment
- You are investing in a fund which receives the same investment terms as other institutional investors already invested in the company (SV Angel/ Ron Conway and Start Fund/ Yuri Milner, etc as investors). If the company does not raise a priced round within 2 years, the convertible note will convert at a $5 million valuation. If the company does raise a priced round within 2 years, the convertible note will convert to preferred equity at the valuation of the priced round. To review terms in detail, click the “View summary and details of stock held by fund” link in the sidebar to the right.
Y Combinator (including Andreessen Horowitz, SV Angel, Yuri Milner, and General Catalyst), Alexis Ohanian, Greg Kidd, Garry Tan, and Harj Taggar.
What will I get when I invest?
- Ownership in units of a fund set up for investment in Coinbase (see Investment Terms for details)
- Membership in FundersClub Investor Club - network of FundersClub investors that get special invitations and early access to deals, invitations to private events with FundersClub investors and founders, membership gifts and other benefits
- Thank you video from CEO
- Inclusion on “Insider investor distribution list” to keep you in the loop when we hit certain milestones and also to ask for targeted help and advice (e.g., if we are looking for a new employee or connection, would love your help!)
- Connect with Brian on Linked In