In a deal that will put Westpac in the box seat as cryptocurrencies develop, the bank’s venture capital fund, Reinventure Group, has invested in Coinbase, one of the world’s pre-eminent Bitcoin companies. Become a SMH member today! Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news bitcoin racism quotes want direct to your inbox.

In a deal that will put Westpac Banking Corp in the box seat as cryptocurrencies develop, the bank’s venture capital fund, Reinventure Group, has invested in Coinbase, one of the world’s pre-eminent Bitcoin companies. US75 million raising Coinbase conducted earlier this year, which also won support by some of the world’s largest venture capital firms, the New York Stock Exchange and former Citigroup CEO Vikram Pandit. Reinventure has taken a stake in Bitcoin company Coinbase, which has 2. 3 million users and 3 million digital “wallets”.

Backers of Coinbase are making bets that blockchain technology will radically transform the movement of money around the globe’s financial system. The investment by Reinventure will allow Westpac to monitor a future world where money¬†morphs¬†beyond central bank-regulated currencies into a myriad of forms. A spokesman for Westpac confirmed the investment. Coinbase’s “mission is to be the most trusted bitcoin company in the world and it is investing heavily in next generation security. Reinventure’s investment will provide key insights into the use of digital currencies and associated technologies,” the Westpac spokesman said.