All-around lover of software and startups. Big fan of JFDI and getting stuff done.
Wefunder ❤ Bitcoin
This week we launched a new way to make investments in startups: with Bitcoin!
You can use Bitcoin to invest in any company running a Regulation Crowdfunding offering. (Translation = pretty much every company on Wefunder.)
Just like any payment method, you can select or switch to Bitcoin from the invest screen.
For us, this was a no-brainer to add. If you live outside the US it can be an expensive pain to send money. We don’t support credit/debit cards yet, due to compliance hurtles, so your only real option is to send an international wire transfer. That’s about as fun as it sounds and costs investors $25 or more. So Bitcoin is a step forward in ease and cost.
From a technical perspective, this was a tricky integration because of our compliance requirements. Big thanks to BitPay and Silvergate Bank for working with us to make this happen!
When you send us money we hold your funds as US Dollars, rather than Bitcoin. This provides the company stability in how much they raise (a funding round is usually open for months) and they don’t have to deal with any cryptocurrency. Refunds get made in the USD-equivalent amount of BTC (priced at when the refund is sent).
So far we’ve seen over $50,000 worth of Bitcoin hit our pipes! Which is pretty good for the first few days. And we’ve gotten a little bit of attention in the cryptocurrency sphere:
Wefunder supports three different federal laws that allow startups to raise money legally. To comply with the law, Wefunder Advisors LLC and Wefunder Portal LLC (both owned by Wefunder Inc) also list startups depending on the regulation used.
Legal May 16th 2016
Wefunder Portal LLC
for 389 startups
Wefunder Advisors LLC
for 115 startups
for 3 startups
Curious how well the companies have done? Or how many raised follow-on financing?
Some fine print: 1) These numbers include startups currently live on Wefunder if they pass their minimum target. 2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
Join 685,980 investors who funded 476 startups with over $173.5 million1
wefunder.com/updates/90565-wefunder-bitcoin is managed by
Wefunder Portal LLC.
Wefunder Inc. runs wefunder.com and is the parent company of Wefunder Advisors LLC and Wefunder Portal LLC. Wefunder Advisors is an exempt reporting adviser that advises SPVs used in Reg D offerings. Wefunder Portal is a funding portal (CRD #283503) that operates sections of wefunder.com where some Regulation Crowdfunding offerings are made.
Wefunder, Inc. operates sections of wefunder.com where some Regulation D and A offerings are made. Wefunder, Inc. is not regulated as either a broker-dealer or funding portal and is not a member of FINRA.
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