Following the strategic investment of Westpac Banking Corporation’s venture capital firm Reinventure earlier this year, Coinbase co-founder Fred Ehrsam announced that the company has set its plans to a potential expansion to Australia, and is currently trying to educate the local regulators on the benefits of bitcoin.
Coinbase’s Series C funding round, participated in by Westpac, raised $75 million USD in January 2015, from large financial organizations and venture capital firms including Spanish bank BBVA and Fortune 500 financial services group USAA. This deal marked the first investment of an Australian bank to a Bitcoin company.
“We’re very excited to be working with such a great management team and look forward to helping them grow their business,” Simon Cant, co-founder of Reinventure, told The Sydney Morning Herald.
Although the funding round was completed in January 2015, the involvement of Westpac Banking Corp. in Coinbase’s Series C funding round was disclosed only on June 29.
As the blog post read, “One of Reinventure’s primary objectives is to create opportunities between its portfolio companies and Westpac, Reinventure’s largest investor and one of the top 15 largest banks in the world. We plan to work closely with Reinventure and share