Bitpay Chief Commercial Officer Sonny Singh, whose responsibility is to bring bitcoin to the masses and to small businesses worldwide, led a discussion about bitcoin, the importance of the block chain technology to banks, the rapid growth in VC investments, and the benefits of bitcoin for merchants and small e-businesses.
Bitcoin vs Internet VC Funding
Singh began his talk with a brief comparison between the investments in the bitcoin industry and internet.
According to Coindesk and PwC, bitcoin investments in 2015 have totaled US$916 million so far, a 262.5% increase compared to last year.
“You can see the rapid growth of the VC investments in the bitcoin space,” explained Singh; adding:
“The most important number is [VC investments have] gone up 3x this year compared to last year, and so having been based in Silicon Valley for 15 years, and seeing a lot of trends and companies getting funding, back from Google and Facebook and all that, we’re seeing the same kind of ecosystem being built.”
According to the data of Coinometrics and Statistita, bitcoin has took over global financial services and remittances companies like Western Union and digital money transfer and settlement platforms like Xoom.