Home Cryptocurrency Uncommon Bits has raised $6 million on the way in which to turning into cryptocurrency's reply to eBay

Uncommon Bits has raised $6 million on the way in which to turning into cryptocurrency's reply to eBay

6 min read

Startup Rare Bits is positioning itself to be the go-to web site for cryptocurrency fanatics — or learners — who wish to purchase digital property.

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The platform, which launched in February and permits customers to purchase, promote and seek for digital property denominated in cryptocurrency, simply raised a $6 million greenback sequence A spherical. Buyers included huge names within the house, like Spark Capital, First Spherical Capital, Twitch CEO Emmett Shear and founder and former CEO Justin Kan.

Uncommon Bits, which payments itself as eBay for the blockchain set, comes on the heels of the surprising success of CryptoKitties, a sport the place customers purchase and promote digital kittens with contracts primarily based in Ethereum.

Uncommon Bits acts as a platform and a matchmaker for sellers and consumers, and makes its cash by taking a minimize of a developer’s income, if that particular person creates a viable marketplace for his or her property. In its first month, the corporate mentioned it processed greater than $100,000 in transactions.

But not like cryptocurrency exchanges or wallets, Uncommon Bits focuses on crypto-based merchandise, however would not promote precise cryptocurrencies. Just like shopping for an merchandise on eBay, customers surf a catalog of greater than half one million digital gadgets Uncommon Bits presently provides, figuring out which one they’d wish to buy.

Uncommon Bits Co-founder Amitt Mahajan who can also be the co-creator of Farmville, created the corporate with two Zynga alumni, which grounds them in easy methods to run giant digital economies.

For now, Uncommon Bits focuses on customers which might be conversant in cryptocurrencies, and really feel comfy utilizing them. Nevertheless, even with all of the hype surrounding cryptocurrencies, and the rising variety of individuals dabbling within the sector, Mahajan steered it may be daunting for newcomers.

“The difficulty with this right now is, if I’ve nothing to do with Ethereum, I do not know something about it and I’ve by no means thought of it, why would I ever exit of my means to purchase Ethereum and get entangled on this ecosystem?” Mahajan advised CNBC.

Nonetheless, there’s ample room for individuals to get on board, he mentioned — with the precise incentives. “Think about if a star like Beyonce or somebody actually well-known had been to launch ten backstage passes on the blockchain, what number of tens of millions of individuals do you suppose would exit of their method to purchase a type of issues?” he requested.

“Within the remaining model of our product, we might not even point out the truth that we’re utilizing Ethereum or utilizing the blockchain,” he added. “In a super world, you come to the location, you purchase one thing you need, you alternate it, commerce it [or] use it, however you do not care and even have to know that the underlying know-how is crypto-based.”

Sooner or later, Uncommon Bits’ platform may increase to different companies like actual property, software program or music licensing, Mahajan mentioned. Already, the corporate is already engaged on verticals like Fan Bits, which might assist social media influencers and content material producers promote memorabilia on to followers.

“Our objective is to carry individuals in who’ve by no means used crypto earlier than and, with out them even figuring out it, assist onboard them and get them to a spot the place they’re shopping for and proudly owning stuff on the blockchain,” Mahajan mentioned.

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