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New Halsey Minor Venture Addresses Bitcoin Volatility
|By Business Wire
|May 15, 2014 06:03 AM EDT
Internet and tech entrepreneur Halsey Minor announced the launch of
Bitreserve, a bitcoin platform that addresses bitcoin volatility and
provides real-time transparency, transaction traceability, and proof of
“Bitcoin is a remarkable innovation, created and supported by lots of
very smart people,” commented Minor, who founded CNET in 1993, growing
it to be a Nasdaq 100 company. “Bitreserve is built on top of the
bitcoin network, allowing members to convert bitcoin into money they
know, trust, and understand.”
Minor is Bitreserve.Org’s Founder and Executive Chairman. Tim Parsa, a
tech, media and telecom veteran, is the Company’s Chief Executive
“We offer our Members all the advantages of bitcoin -- fast,
irrevocable, low-cost, peer-to-peer payments -- but without bitcoin’s
value-destroying volatility,” commented Parsa.
Bitreserve Members can hold bitcoin denominated in dollars, euros, yuan,
yen, and pounds. These “bitcurrencies” are backed by a full reserve of
“Our system is designed for a post-trust world,” commented Minor. “Just
like the bitcoin network, everything is out in the open, traceable, and
All the Company’s obligations to its Members are published in real-time
and are traceable back to their origin on the bitcoin network’s
blockchain. While always keeping private its Members’ personal
information, the Company provides a continuously updated status of its
obligations to its Members and of the assets it holds in reserve--a
public, real-time, traceable proof of solvency.
“People work hard for their money; they have a right to know what’s
being done with it,” commented CEO Parsa. “What you do with your money
is your business. What we do with your money is everyone’s business.”
Minor is an Internet and tech pioneer, having founded or financed many
well-known companies, including CNET, Grand Central (now Google Voice),
OpenDNS, Rhapsody, Vignette, and Salesforce.com. Parsa, a New York State
Bar-sworn attorney and returned Peace Corps volunteer, is a seasoned
entrepreneur, having founded and run many tech, media, and telecom
Bitreserve is currently in an invitation-only private beta. For more
information, or to request an invite to become a Member, visit www.bitreserve.org.
Bitreserve was conceived as a new type of company, one that holds
business success and social benefit as equally important goals. Five
percent of profits in perpetuity will be dedicated to supporting
economic opportunity and freedom worldwide via the Bitreserve Foundation.
The Company’s headquarters are in Charleston, South Carolina, with
offices in San Francisco, Shanghai, and Braga, Portugal.
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