A startup called Bonafide has raised $850,000 to build a reputation system for the bitcoin industry.
The funding round, which comes from Quest Venture Partners, Crypto Currency Partners and the AngelList Bitcoin Syndicate, among others, is a step towards creating a scoring system for addresses on bitcoin’s network.
Notably, Bonfide.io was included in Silicon Valley’s 500 Startups incubation program last year.
Brian Moyer, the firm's co-founder, said that 500 Startups venture partner Sean Percival saw early on the potential for Bonafide to create more credibility in bitcoin commerce, whether between consumers and merchants, or in person-to-person payments.
Moyer said:
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