“Recently armed with $500,000 in seed funding and a partnership with Silicon Valley Bank, Coinlab, a startup based out of Seattle, is bringing its innovative Bitcoin project closer to the U.S. market. The deal brings over the North America-based book of Mt. Gox, one of the largest and most widely used bitcoin to currency exchanges. According to Coinlab CEO, Peter Vessenes, the book is worth nearly $500 million in annualized trade volumes, which he expects to grow nearly ten times over the next year. Silicon Valley Bank, a company that provides financial services to emerging growth companies, will be holding deposits of bitcoin and dollars for Coinlab.”
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