New investment business Bitcoin Investment Group, founded by former Goldman Sachs bankers, says it will invest in bitcoin-backed ventures including a digital currency that it says is backed by the cryptocurrency bitcoin.
According to its website, the company will be investing in “a digital currency which it describes as a peer-to-peer cryptocurrency” that would enable “users to send, receive, store, trade and transfer value and bitcoins between themselves without any intermediaries”.
The company, based in San Francisco, has raised $30 million in funding, with a goal of bringing the currency to the mainstream.
It’s the first of several digital currency ventures being floated by Bitcoin Investment Corp., which was founded in 2015.
The new venture, dubbed BIX, is part of a new breed of digital currency investors, which include technology titans and venture capitalists who are also aiming to develop digital currencies and blockchain-based technologies.
Bix is one of a group of digital currencies, including Ripple, Ethereum and Bitcoin Cash, which aim to provide “an alternative to traditional currency”.
Ripple, for example, is designed to enable transactions between two parties without any central authority.
Bitcoin Cash, meanwhile, allows for faster, cheaper and more secure transactions.
The Bitcoin Investment Corporation is seeking investors to help it establish its blockchain-backed digital currency, which will be called Bitcoin.BIX is not the first investment company to aim to create a cryptocurrency-backed venture.
Earlier this year, Bitcoin Investment Partners raised $50 million in venture capital.
However, it is the first digital currency venture to make a major investment in a bitcoin-based venture.
The company said it plans to create “a new form of digital financial asset” that will be backed by bitcoin.
“Bitcoin Investment Group will develop a digital cryptocurrency that will allow users to send and receive value and bitcoin without any intermediary,” the firm said.
“This will enable users to create and store their own decentralized digital currency without any financial services providers.”
It will also allow users who hold bitcoins to transact and transfer bitcoin, without relying on third parties.
“Bitcoin Investment Corp. did not respond to requests for comment from the FT.
However the company’s investors are not all bitcoin enthusiasts.
In March, bitcoin exchange Coinbase announced that it had raised $2 billion from investors including Peter Thiel, Peter Thiel Ventures and Andreessen Horowitz.
Coinbase, which said it has around 70 million bitcoin coins in circulation, will be the first exchange to become a bitcoin company.
It has also signed partnerships with several US companies including Tesla, Facebook and Spotify.