One of the most important moments in Bitcoin’s history came in May when Homeland Security seized an account tied to the biggest Bitcoin exchange. Now, we know how much the feds confiscated.
Bitcoin traders were rattled yesterday on news that Homeland Security had shut down a popular form of trading the cyber-currency. Today, the price recovered as news emerged that the feds are targeting an exchange more than Bitcoin itself.
The US Government has taken its most serious action yet against the popular cyber-currency Bitcoin by shutting down transfers between payment provider Dwolla and a Japanese exchange where the currency is traded.
A barista inputing your coffee preference via an iPad isn’t new. But the simplicity of touch-screen and cloud-based checkout could be a revelation for grocery owners used to paying tens of thousands of dollars for point of sale systems and the required training for them.
Dwolla has been grabbing attention for its next-generation payment system that bypasses credit card networks and connects directly into bank accounts. It’s been on a roll and now investors have lined up behind the start-up, to the tune of $5 million in a Series B round.
Dwolla, an alternative payment system built off cash networks, is taking the next step forward by offering a new feature called Instant, which addresses one of the lingering pain points in the system: the three to five day delay in accessing cash for users.
The FinTech Innovation Lab, an accelerator program for financial tech startups, graduated its first class on Friday. This first batch of companies is bringing some impressive ideas to bear on data, analytics and payments and showing there’s room for new approaches in the financial sector.
While tech darling Square gets all the press, mobile payments start-up Dwolla is enjoying its own impressive growth and just hit $1 million in daily transactions, putting it on a faster initial pace than Square. It’s showing the power of building a cash-based payment network.