Bitcoin has been gaining steadily in terms of acceptance over the last few months. Online giants such as Overstock.com, Zynga, TigerDirect.com and eBay, have started accepting the virtual currency as a method of payment. On January 30th 2014, Mint – the leading personal finance app from Intuit Inc. – partnered with Coinbase. This collaboration will enable its users to see their digital Bitcoin transactions processed by coinbase along with their financial accounts.
Mint provides personalized financial insights to around 14 Mn users. It links them to over 20,000 different credit cards, banks, loan and investment accounts, enabling them to see their financial statements in a single place. Mint becomes the first money management & personal finance tool allowing users to see their Bitcoin transactions. “We’re proud to serve as Mint’s official wallet for these bitcoin transactions and look forward to seeing continued adoption of bitcoin,” stated Coinbase on their blog.
"There are now 12 million Bitcoin in circulation and 60,000 merchants accepting it via Coinbase. We felt like it was something we couldn't ignore anymore, and this is a good time to go out and support the currency as it becomes more legitimate," said Vince Maniago, Mint product manager to Venture Beat. However, Mint is treating bitcoin as an asset – not a currency. “I bought some bitcoin as an investment and realized it wasn’t easy to track my bitcoin balance alongside all my other investments...Bitcoin value can fluctuate so much, which is precisely why Mint is treating it like an investment,” he explained. Instructions for linking the user’s Coinbase Account to the Mint App have been provided on Mint’s Website.
Coinbase was co-founded in June, 2012 by Brian Armstrong (CEO) and Fred Ehrsam with Mark Peter Davis as an investor. The company has received a total funding of $31.9 Mn from investors Alexis Ohanian, Y Combinator, Greg Kidd, Garry Tan, FundersClub, Union Square Ventures, Ribbit Capital, SV Angel, Red Swan, Interplay Ventures and Andreessen Horowitz. With the latest round of funding, Andreessen Horowitz’s Chris Dixon along with Union Square Ventures’ Fred Wilson joined Coinbase’s board.