Block26 invests $450K in Airbitz

Block26 invests $450K in AirbitzBlock26 invests $450K in AirbitzBlockchain venture firm Block26 announced Friday it has invested $450,000 in digital wallet platform Airbitz.

Block26 joins Airbitz’s Board of Directors while leading a $1.25-million seed round slated to close later this summer. The $450,000 contribution marks the first investment from Block26 in the Bitcoin technology industry.

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Airbitz LogoAirbitz LogoLast fall, the San Diego-based Airbitz debuted its mobile wallet for Bitcoin, available for both Android and iOS, at the Inside Bitcoins conference in Las Vegas. The company automatically encrypts, secures, and backs up user data without the need of complicated user prompts, and the decentralized server architecture is designed to ensure that Airbitz wallets are functional even if company servers are disabled. Airbitz’s wallet features the world’s first one-touch 2-factor authentication, a key security feature introduced earlier this year.

Airbitz CEO Paul PueyAirbitz CEO Paul Puey

Airbitz CEO Paul Puey

“We are giving the bitcoin world the first mobile wallet that looks and feels like (if not better) than mobile online banking, but unlike Coinbase and Circle, gives users full control of their bitcoin,” said Airbitz co-founder and CEO Paul Puey to CoinReport last fall. He told us that “the Bitcoin ecosystem is littered with overly complex, unfamiliar wallets that alienate the average user. Many require a user to print a backup of their wallet, or to ‘add’ encryption, or to write down a random 16 word passphrase if their device is lost or damaged. These are all incredibly foreign to users

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