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Bitcoin Research Project Coin Center Secures Additional $1 million

A not-for-profit Bitcoin advocacy group has secured additional funding of $1 million, enabling it to continue work in informing regulators and promoting blockchain research.

Coin Center, based out of Washington, D.C., launched in 2014, with a view to helping influence the emerging regulatory environment in the U.S.

By working with regulators and industry partners like bitcoin startups, Coin Center has already been influential in advocating for the best research and development ecosystem for bitcoin developers.

The latest funding round comes on top of an original $1 million in launch funding, which the group says will allow it to continue to promote bitcoin development and sympathetic regulatory treatment for companies in this important, emerging tech space.

A further fundraising gala event is organized for May, with the group continuing to accelerate efforts to raise more money into 2017. With blockchain and bitcoin developers already at advanced testing phases of their product cycles, the news comes at a potentially key time for the future of blockchain technology products.

In addressing the impact of their funding, Coin Center executive director Jerry Brito said the money was immeasurably important in funding their work within the bitcoin and blockchain industries.

"Your support of Coin Center – at any level – keeps our work going and helps keep the technology free and open. Thanks to all our current and future supporters.”

Bitcoin is the decentralized currency making waves online and off, among both consumers and investors. The technology underpinning bitcoin, known as the blockchain, is thought to have many and varied potential commercial applications, with the ability to reduce transactional costs and risk while improving data security.

As the technology continues to develop, researchers have encountered regulatory obstacles and legal hurdles. With groups like Coin Center representing the views of developers, the landscape for creating new blockchain technologies has already been shaped for the better.

Now, with additional funding secure, and more opportunities to raise money along the way, Coin Center can continue to work with industry and government partners to create the right environment for developing blockchain technology, and piloting new bitcoin projects.

A number of bitcoin startups are confirmed as having contributed to the funding round, including OB1, Ripple, Abra, Bitso and ConsenSys.