Los Angeles-based venture capital firm Block26 has completed its first investment, contributing $450,000 to the ongoing seed round for bitcoin wallet provider Airbitz.
Calling the funding the company's "first big announcement", Block26 principal Ni'coel Stark indicated that Airbitz is representative of the kind of companies in which her new venture firm is looking to invest.
Stark told CoinDesk:
She went on to call Airbitz "underrated" compared to its competition due to its team's ability to contribute to areas of the technology beyond simply creating quality mobile bitcoin wallets.
"Block26 is attracted to what's under the surface," she added.
Going forward, Stark indicated that Block26 intends to "innovate along with the space", and that it plans to focus on a smaller selection of high-quality startups.
Founded in 2014, Airbitz was previously accepted into the Plug and Play Tech Accelerator, based in Sunnyvale, California.
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