VC Buys Silk Road Bitcoins in Gov Auction: Tim Draper to Provide Liquidity to Emerging Markets

[nayjevin]

http://www.coindesk.com/tim-draper-revealed-silk-road-bitcoin-auction-winner/

Pioneering venture capitalist Tim Draper, father of noted bitcoin industry VC Adam Draper and managing director of the VC firm Draper Fisher Jurvetson, has been revealed as the winner of last Friday’s US Marshals auction of nearly 30,000 BTC.The announcement was released via a blog post on Medium issued by California-based bitcoin trading and storage startup Vaurum. Draper was previously named as an investor in the company’s $4m seed funding round this May.
In the post authored by Vaurum CEO Avish Bhama, the company announced that Draper intends to partner with Vaurum to use the roughly 30,000 BTC to provide bitcoin liquidity in emerging markets.

Silk Road was a digital bazaar that was shut down and the BTC seized.

According to Crunchbase, Draper’s notable recent investments include a host of Internet and technology startups, such as secure text messaging app Gliph, online investment management services provider Nutmeg, and mobile photo-sharing servicePath.

Path is a facebook competitor meta-sharer like Hootsuite that claims better privacy.

[h=2]Family business[/h]A third-generation venture capitalist, Tim Draper’s father, William Henry Draper III, founded Draper & Johnson Investment Company in 1962. Further, William Draper’s father, William Henry Draper Jr., founded VC firm Draper, Gaither and Anderson in 1958.
Today, Draper’s son, Adam Draper, is heavily involved in the bitcoin space as a VC, and was notably an early investor in California-based bitcoin financial services provider Coinbase, one of the most established bitcoin businesses in the US.
Adam Draper has since launched an ambitious plan to fund 100 bitcoin startups over the next three years through his seed fund and startup incubator, Boost VC.

Looks like a relatively good place for the coins to go.

 

[Bungeebones]

Where were the armored cars and guards? I must have missed them somehow? I mean, after all, they moved about 17 million Federal Reserve Notes worth of Bitcoin (that's alot of moolah) and you just don't do that without armored cars and guards and attack dogs and police escorts etc right?

 

[PRB]

you mean bitcoin isn't liquid enough?

 

[newbitech]

Does he plan on returning the stolen bitcoin?

 

[nayjevin]

Does he plan on returning the stolen bitcoin?

Is that possible?

 

[newbitech]

Is that possible?

Perhaps if he worked with Ross Ulbricht, he could recover the wallet information that transferred in to the silk road escrow wallet that the FBI seized.