$7 Million: Bitcoin Wallet Startup Breadwallet Raises New Funding

Bitcoin wallet provider Breadwallet has announced $7 million in new funding.

The startup – which debuted in 2014 – raised funds from a group of investors that includes DAS Capital, East Ventures, Globe Advisors, Liberty City Ventures, Maffin Inc, OKWAVE and Saison Ventures. An unnamed group of angel investors and family offices also took part in the round, according to the firm.

Breadwallet indicated it plans to use the funding to expand its business development and marketing teams, as well as invest in new functionality for the bitcoin wallet itself.

Perhaps more notably, the startup has also announced that it is setting up new headquarters in Switzerland.

With the move, Breadwallet joins an increasing number of cryptocurrency and blockchain startups that have made their home in the so-called "Crypto Valley."

Adam Traidman, Breadwallet's founder and CEO, said of the move:

"Switzerland has emerged as a hotbed of digital currency startup activity, and we were attracted by its leadership in conservative financial legislation. Its strong reputation for financial privacy for consumers is the ideal fit for our charter to empower individuals with the benefits of bitcoin."

In statements, investors participating in the funding round struck a bullish tone on the prospects of future cryptocurrency adoption and the potential for the startup.

"We believe that digital currency will become increasingly influential as the industry continues its rapid expansion, and Breadwallet is well-positioned to be a dominant leader in the space," said Shinji Kimura, founder of DAS Capital.

Wallet image via Shutterstock