OpenBazaar gets $2 million funding to expand its services

OpenBazaar gets $2 million funding to expand its services

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Chances are that you’ve heard about OpenBazaar in the past, an open-source marketplace, powered by Bitcoin, and which means to offer people the possibility to sell both products and services, which they can pay and be paid for, in bitcoin.

According to recent reports, it seems like the developers of this platform have just managed to get access to roughly $3 million worth of funding, which is great news for the company. This particular funding round was led by BlueYard, a popular, Germany-based VC fund that is currently focusing its efforts on all forms of early-stage startups. However, during the last couple of months, BlueYard has been showcasing a stronger support for digital currencies and decentralized markets & projects.

For those who do not yet know, OpenBazaar can be compared to a decentralized eBay, as it works by connecting both buyers and sellers through a smart, app-based marketplace. The main difference is that instead of using bank transfers, credit cards or PayPal, all purchases are encouraged to use bitcoin as the currency of choice.

This particular funding comes roughly one year after the developers managed to get access to $1 million in see funding from an angel investor.

According to a company representative, this particular round of funding will be used to allow the business to carry on with its continuous expansion of services, thus allowing it to market to a larger market. There are a few more other plans being taken into consideration, such as adding value services, but also integrating with Tor, the popular anonymous internet browser that allows people to access the deep web.

Based on everything that has been outlined so far, what do you personally think about the new, $2 million funding round, that OpenBazaar has just gotten access to? Let us know your thoughts in the comment section below.

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