In May 2014, Israeli bitcoin payments company Simplex raised $1.4 million in seed funding. It’s been nearly two years since this seed raise, and the company has just announced the closing of a successful series A, which saw a host of participants fund a further $7 million, bring the total funding raised to $8.4 million.
For those not familiar with the company, it aims to make it easier to buy and sell bitcoins through the issue of a bitcoin credit card. Traditionally, when a bitcoin buyer or seller wants to transfer bitcoins to or from an exchange, for example, he or she must go through a pretty cumbersome process. Identification verification, border cross issues, minimum transfer requirements, justification and reason disclosure for transactions and simple speed are all issues that current bitcoin buyers deal with. Through the issue of a bitcoin credit card, Simplex hopes to remove all of these issues, and make the process much faster, safer and simpler.
Why is this important? Well, even for those familiar with the bitcoin space and its underlying technology, buying and selling bitcoins can be a complex process. Incumbents in the space, Coinbase, for example, have made things easier, but there is no global