Bitcoin News Mash-Up: Bitnet Receives $14.5m; BitPay Letter to NYDFS; and More

By October 21, 2014Bitcoin Entertainment
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Bitcoin News Mash-Up: Bitnet Receives $14.5m; BitPay Letter to NYDFS; and More

Bitcoin News Mash-Up: Bitnet Receives $14.5m; BitPay Letter to NYDFS; and More
Following are the main Bitcoin news of the day

Bitnet Receives $4.5m to Compete with Payment Processors
A group of veterans in the field of traditional payment systems collaborated to launch Bitnet recently. The new payment processing system alongside received a total of $4.5 million to compete accurately with the current competitions. The money will eventually help Bitnet bring the cryptocurrency’s sector largest traders under one roof. The Series A financing round is led by Highland Capital Partners, and also includes the Japan’s largest ecommerce platform Rakuten. Bitnet CEO John McDonnell told CoinDesk.COM:

“We saw bitcoin as an opportunity to reduce direct costs of processing and eliminate a lot of the ancillary costs of handling credit cards.”

BitPay Submits Its Official Comment on BitLicense
After the well-sketched letter by Circle, it is now the payment processor BitPay which has submitted its official reply to NYDFS-led BitLicense proposal. Like every other cryptocurrency-centered organization, BitPay too has raised concerns over the Bitcoin regulatory framework. It has suggested NYDFS to be open to new ideas, rather than creating unequal environment for them. The company’s CCO Tim Byun said:

“We also want to ensure that the proposed rules do not create an [uneven] playing field with other payment systems or disregard existing local, national, and international anti-money laundering frameworks that could be utilized rather than replaced by bitcoin-technology specific rules.”

BTC China Adds New Features to Its Trading Platform
Chinese exchange BTC China announced the launch of its new mining pool and a payment processor. Thus move marks another in the company’s transition from a simple exchange to an integrated service platform. In its statement, BTC China said:

“BTC China’s expanded portfolio covers all aspects of the digital economy, allowing a user to mine bitcoin and Litecoin in its mining pool, store it in BTC China’s wallet, pay for goods through its payment gateway, and trade for fiat on the exchange.”

To contact the reporter of the story: Yashu Gola at

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