US investors Benchmark, Fortress, and Ribbit to buy stake in Pantera's Bitcoin fund

March 19
9:02 AM 2014

Investment giants Benchmark Capital, Fortress Investment Group, and Ribbit Capital are taking a stake in Pantera Capital Management LP's Bitcoin fund, according to Reuters.

The said investments in Pantera Bitcoin come after Japanese bitcoin exchange Mt Gox went into bankruptcy due to an alleged hacking that took 850,000 bitcoins from its users. The cryptocurrency is now being closely monitored by the authorities, the report explained.

The New York Times quoted Pantera founder and Chief Executive Officer (CEO) Dan Morehead saying: "We're very excited about the promise of Bitcoin and how it can transform the way we move money. The promise and possibilities here are very broad."

All the three mentioned investors have pledged to conduct the buying and selling of their digital currencies via Pantera. This week, the companies have also invested $20 million in the startup Xapo to protect Bitcoins from hackers, the report added.

Although the Mt Gox incident have discouraged investors from supporting Bitcoin, there are still many who believe that the digital currency will still regain its strong standing in the market later on, Reuters reported.

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