February 9, 2014
Yesterday there were posts all over the internet reporting the shutdown of services (temporarily) by one of the largest Bitcoin exchanges – Mt. Gox. This led to a crash in Bitcoin as its value tumbled down to $705 by the evening. This did not seem to deter Persus Telecom Ltd. however, as the company announced its partnership with GoCoin to begin accepting Bitcoin payments.
Persus Telecom is a high-speed communications channel provider for major securities and global stock exchanges. It connects high-speed trading firms, hedge funds, stock exchanges & media organizations in some of the world’s top trading centers - Dublin, Brazil, Frankfurt, London, Hong Kong, Madrid, New York, Moscow, Tokyo and Stockholm.
According to Persus Telecom CEO Jock Percy, it was his customers that provide online gaming to worldwide players who were the key drivers. They reached out to us and a couple of them said: ‘We would like to pay in bitcoin because it’s the currency of our user base, he said.
As i have written before, the Gambling and Gaming worlds could be the fastest drivers of Bitcoin growth, awareness and adoption. A couple of months back I tried a small social experiment. I made a list, called up twenty friends of mine and asked them if they knew what Bitcoin was. Only four of them did. All were gamers. One infact had a pretty decent understanding of the virtual currency. Mind you this was in November, when the value hit $1000 for the first time and created a big splash. Recently, ICE Gaming - the world’s largest trade event in gaming – featured a half day seminar on Bitcoin.
Under the terms of the deal, Persus Telecom can choose to receive all payments in Bitcoin (BTC) or have all or part of its payments converted into Dollars (USD). GoCoin markets itself as a ‘PayPal’ for Bitcoin. Online content, gaming & E-commerce sectors are a primary focus for the company
GoCoin was co-founded in July 2013 by Steve Beauregard (CEO), Brock Pierce (Chairman), William Quigley and Kevin Beauregard (V.P, Engineering). The company has received a funding of $550k through investors Prolific Venture Capital, Owen Van Natta (former Facebook and Amazon Executive),Andrew Frame (Founder, Ooma), Bit Angels, Mikael Pawlo, Jonathan Congdon, Ruvento, Ronnie Wee,Gary Stiffelman and David Neuman. GoCoin is headquartered in Singapore, with an office in Santa Monica, California.
Other companies operating in this space include Bitpay and Coinbase. Bitpay has received a total funding of $2.51 till date and Coinbase – $31.7 Mn.