The future of bitcoin is uncertain, but Majordomos are still at it.
As the technology evolves and it becomes a more widely accepted payment method, a new company will emerge to take on the mantle.
According to the New York Times, the Amara Group has raised $50 million in funding.
The company’s CEO, Majordo Amara, has a background in finance, and he’s hoping to create an investment company that is more focused on bitcoin and blockchain.
Amara told the Times that he is “very interested in the bitcoin space.”
The group’s board includes Amara’s former employer, CitiGroup, which owns more than 60% of Bitcoin Investment Trust, the largest bitcoin ETF in the U.S. The group hopes to make the cryptocurrency mainstream and is betting that bitcoin’s popularity will drive up the price.
Amaras investment firm was also one of the first big institutional investors in the cryptocurrency, according to the Times.
Investors have come out in support of the Amaro Group, including the New America Foundation, the New Jersey Institute for Technology and other top financial institutions.
The group has raised about $200 million in its first two years of operation.
The largest shareholder is JPMorgan Chase, which will receive 50% of the group’s profits and a 25% stake in the company.
The other investors include the New Venture Fund, the California-based startup accelerator, and the New Economy Fund, a non-profit that aims to improve the economy through blockchain and distributed ledger technologies.