New ICO will help bitcoin reach $10,000 by 2020
NEW YORK (Reuters) – A new cryptocurrency, Bitcoin Cash, has raised $7 million in the latest round of funding.
The coin, which has been in the news for its rapid price increase and perceived volatility, raised $700,000 from investors led by Andreessen Horowitz, as well as a consortium of venture capital firms.
The investment group is led by John Doerr, co-founder of Andreessen’s accelerator firm, Andreessen Foundation.
Bitcoin Cash’s CEO, Peter Smith, said in a statement that the funding would help accelerate the cryptocurrency’s momentum and provide it with greater liquidity to support its growth.
The funding follows an earlier $2.5 million round that led to the launch of Bitcoin Cash in early January.
The coin has now raised over $12 million in funding.
“The next stage of Bitcoin’s growth will be built upon the network effects and ecosystem benefits of the new blockchain technology,” Smith said.
Bitcoin Cash has been criticized for its price increase, but its founder, Smith, has been optimistic that it will eventually achieve a price that can match the value of the U.S. dollar.
Bitcoin was first launched in 2009 and has been gaining momentum ever since, thanks to a variety of factors including the rapid adoption of the digital currency by a growing number of people around the world.
Bitcoin, which uses a peer-to-peer protocol, is not backed by any central authority and is used to transfer value and transfer value with relative ease.