Bitcoin Vault Service Elliptic Secures $2 million in Funding

UK-based Bitcoin Vault Service Elliptic has secured $2 million in seed funding from Octopus Investments.

Elliptic launched its highly secure “deep cold storage” solution in January. The solution caters to institutions and individuals seeking bank-grade security for their holdings.

At the time of launch, the company indicated that its deposits are underwritten by Lloyd’s London. Insurance of bitcoins, which can be viewed as fairly unstable assets, is a rare offering. Xapo, which also recently secured a large round of funding, says to also offer insurance for its wallet offering.

Several clients, including law firms, hedge funds and the Jersey-regulated Global Advisors Bitcoin Fund are said to be using the solution. The company plans on using the funding to expand its team and client base.

CEO James Smith commented: “We at Elliptic believe that the future of finance lies in digital assets, and as such it is essential that we work to both legitimise and protect the likes of Bitcoin. But digital currencies are just the start – the block chain technology behind Bitcoin has the potential to revolutionise a wide range of industries.”

The company is currently hiring for software engineers and web developers.

The announcement comes as one of their major UK-based competitors, Netagio, has been highly active of late. Netagio has leveraged gold storage expertise for its Bitcoin vault service, bringing the two together with gold-for-bitcoin buying and trading offerings.

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