FundedHere Helps Bitcoin Startup CoolBitX Raise S$280,000 From Midana Capital
Singapore, 17 January 2017 – FundedHere announced today that CoolBitX Technology (“CoolBitX”), the creator of the world’s first wireless hardware wallet for Bitcoins, has raised S$280,000 (US$200,000) from venture capital firm Midana Capital Inc (“Midana Capital”) through its crowdfunding platform.
Unlike other hardware wallets, which require a computer or a connection to an electronic device to work, CoolBitX’s ‘CoolWallet’ is the first wireless external storage device that can be paired with smartphones to enable users to make purchases online using Bitcoins. Transactions are never stored on the smartphone or transmitted over WiFi and internet servers to prevent online hacking.
The CoolWallet is the size of a credit card and works in a similar way to e-banking tokens. When paired with CoolBitX’s smartphone app, the CoolWallet takes Bitcoins offline and stores the cryptocurrency in the hardware wallet. To use the digital currency, users simply request for a One-Time-Password and key it into their CoolWallet app.
CoolBitX will use the funds raised from Malaysia-based Midana Capital for further research and development, and for marketing CoolWallet to Taiwan, Japan and the wider Bitcoin community.
CoolBitX also intends to launch its own decentralized Bitcoin exchange before the end of 2017. The platform will facilitate Bitcoin trades from one CoolWallet to another through a trade matching engine. Users can also make fiat deposits – a money deposit Bitcoin buyers must make in order to purchase the cryptocurrency – on the platform. Such a decentralised exchange will ensure that Bitcoins are never transferred through a central server in order to prevent hacking.
“Bitcoin is already transforming the way we make purchases but for a digital currency to truly take off, users need to be assured that it is both secure and convenient to use. With the support of Midana Capital through FundedHere, CoolBitX is well positioned to make sure Bitcoins are as accessible as a credit card and as secure as a bank,” said CoolBitX CEO & Co-Founder Michael Ou.
“Midana Capital is pleased to invest in CoolBitX, which has developed a unique security solution for Bitcoin transactions. We are confident that our investment in CoolBitX will reap rewards for our clients and contribute to the advancement of blockchain technologies in everyday transactions”, said Midana Capital Inc, Managing Director, Allan Tan.
Midana Capital focuses on innovative technologies including green-technology, F&B manufacturing, healthcare, Internet of Things, fintech and blockchain.
“FundedHere is pleased to provide a funding platform for innovative startups such as CoolBitX. We are always on the lookout for businesses with high growth potential and look forward to being a part of their growth,” said FundedHere, Co-Founder and Executive Director, Agnes Siaw.
FundedHere is Singapore’s first equity and debt-based crowdfunding platform. To date, it has raised over S$4.0 million for eight local startups.
FundedHere is the first registered private equity and lending-based crowdfunding platform for promising businesses in Asia issued by Monetary Authority of Singapore (MAS). FundedHere has built an ecosystem for investors and businesses, utilizing Singapore as a springboard for Asia.