Google Ventures, IDG chip into Bitcoins with investment

Spencer Brown/San Francisco Business Times

Opencoin, led by CEO Chris Larsen, has added Google Ventures and IDG Capital Partners as seed investors.

	Sponsored Links
	Planning for Retirement? $500,000 portfolio? Download the guide by Forbes Columnist Ken Fisher's firm. www.FisherInvestments.com
	Refinance Now 2.53% FIXED No Cost & No Fee Loan. No SSN rqd. Easy Process! (2.53% APR) Mortgage.lendgo.com
Get Listed Here

Cromwell Schubarth: Senior Technology Reporter- Silicon Valley Business Journal; Email | Twitter | Google+

Opencoin, the developer of the Ripple Bitcoin protocol, has racked up two more big-name seed investors: Google Ventures and IDG Capital Partners.

The San Francisco startup led by CEO Chris Larsen didn't disclose the size of the new investment, but it adds to money raised last month from Andreessen Horowitz, FF Angel, Lightspeed Venture Parnters, Vast Ventures and the Bitcoin Opportunity Fund — an investment vehicle created by SecondMarket founder Barry Silbert.

Ripple is an open source payments system and a math-based virtual currency that together power a distributed currency exchange. The allure of the system is that it can power transactions between any currencies without chargebacks for merchants.
Feng Li of IDG Capital Partners said in a prepared statement, "We are excited about the prospect for a global payments system that powers instant, free, and secure transactions in any currency."
Click here to read the press release from Opencoin.
Click here to subscribe to TechFlash Silicon Valley, the free daily email newsletter about founders and funders in the region.