A social trading network that lets users trade virtual currencies such as bitcoin has launched in Australia.
NakedSocial was launched by a Melbourne based company, Paddy Power, in April.
Its platform allows users to trade bitcoin, ethereum and litecoin on their own websites and in social media channels.
The company says it now has around 20,000 registered users.
“We have been building and developing our platform for several years and are now ready to go public,” CEO and co-founder Tim Foy said.
Foy said the company was looking to raise a total of $200 million in funding.
Bitcoin is a peer-to-peer digital currency, similar to bitcoin but less expensive.
According to Forbes, Bitcoin was valued at $1.4bn at the time of its launch.
Unlike other virtual currencies, bitcoin is not controlled by a central authority such as a central bank.
Instead, users can trade their virtual currencies at any time, and the value of a bitcoin can be traded on a global exchange.
However, some bitcoin enthusiasts and bitcoin evangelists have expressed concern about the future of the virtual currency.
On Tuesday, Bitcoin Foundation CEO Gavin Andresen said in a blog post that he was concerned that “the bitcoin network may not be secure in the long term”.
“While we continue to invest in the Bitcoin ecosystem, we are concerned about the fact that some of the protocols that will underpin the future growth of bitcoin will likely not be designed to address these challenges,” he said.
“We do not see a need for a new, decentralized currency for the foreseeable future.”
Mr Andreson also said that he wanted the technology to be used in the “strongest way”.
Paddy Power co-founders Peter Drysdale and Simon Bostock said they were looking to hire as many people as possible.
“I don’t want people to think that we’re going to create a world where we can build an anonymous social trading system where there are no rules, that it’s just a tool to help us buy and sell, because that’s not how we do it,” Mr Drysdal said.
“What we’re trying to do is create a platform that enables people to buy and buy, sell and sell with a minimum of risk and the best of the world at the end of it.”
The company said its first Australian-based user base was from July last year.
But Mr Foy says it was only a matter of time before more Australian users would join the site.
“Naked Social is now the largest online social trading marketplace in the world,” he wrote.
“By building and launching this platform, we have demonstrated to our community and investors that we are ready to build our business and continue to grow and evolve our platform.”
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