Elliptic, a company who specializes in Bitcoin vaults, announced today that they have received $2 million in investments to be able to develop their company. The money came primarily from Octopus Investments, but other investors are also involved in the funding of the company.
Elliptic already now offers a secure and insured Bitcoin vault, where Bitcoin exchange sites, hedge funds, retailers and other types of companies who handles larger quantities of Bitcoins at once can go and store their coins completely safe. The company is looking to make this solution even more easy to use as well as more secure through the newly received funding.
Elliptic vault has both physical and cryptographic security for the Bitcoins, as backups are distributed all across the globe as well as having an insurer which can be trusted.
“We want to make it very easy for companies to use. If they’re used to other types of financial products. A hedge fund is used to having everything with a custodian, normally a bank. The way reporting fits into their systems is quite standardized, but Bitcoin doesn’t fit easily into that picture because banks won’t handle it, and so on.” James Smith, CEO of Elliptic said to Gigaom.com.
The company added that they see a future in doing other business than just having vault storage, which could include reporting, analytics, auditing and accounting for the companies using Bitcoins. These services would make Elliptic the go-to company for Bitcoin needs.
“We also think the way exchange is done between digital and fiat currencies has got some work to do in that area. We don’t want to be an exchange, but we think the way those trades are cleared and settled needs a lot of work.” Smith added.