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Argentina's Idea.me allows South America to crowdfund with bitcoins

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(Credit: Reuters) One of Bitcoin enthusiast Mike Caldwell's coins in this photo illustration at his office in Sandy, Utah, September 17, 2013.Bitcoin
December 17
11:01 PM 2013

Some people in Argentina have created Idea.me, the first American crowdfunding platform to accept bitcoin, according to TechCrunch.

Idea.me focuses mainly on musical, retail, and artistic projects. However, many of its campaignes also have a philanthropic side. Pia Giudice wrote that Idea.me is now present in seven Latin American countries and that it is the only regional crowdfunding platform in the area. The platform has raised $750,000 in funding. The company is set to raise $2.4 million in March next year in a Series A round, the report detailed.

To date, Idea.me has already backed 450 projects with $2 million pledged to backers. These pledges can have various sources, but they have recently added bitcoin as an alternative to PayPal and credit cards, the report stated.

Giudice said: "We're the only platform that accepts bitcoins in the whole continent, including US and Canada. Also, our business unit is unique in the world: Idea.me is the only platform that executes campaigns with multinational companies to fund specific projects."

According to a blog post, the Argentine crowdfunding platform uses Bitpay. This is a system that automatically converts Bitcoins to dollars. When a pledger pays with BTC, the creators receive the contribution in USD, TechCrunch reported.

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