Digibyte Raises $250k to Develop Altcoin for Retail Payments

Dec 2, 2014 at 22:45 UTCUpdated Dec 12, 2014 at 15:51 UTC. The development team behind the digibyte cryptocurrency project has received $250,000 in private investment and inked a new strategic partnership with Hong Kong-based web developer Tofugear.

The funds will be used by the digibyte developers as part of a push to upgrade the core functionality of the project's code and develop new services on top of its infrastructure.

Digibyte's developers said the Tofugear partnership will provide additional logistical and operational support as the group expands what they call the Digibyte Ecosystem.

"In collaboration with Tofugear Limited's strategic retail, wholesale and technical development partnerships, the digibyte core protocol is currently being developed into a range of solutions that will revolutionize the consumer's daily life."

Digibyte founder and DigiPay president Jared Tate told CoinDesk that through the partnership with Tofugear, the digibyte team now has greater freedom to push next-generation services while still building on the project's central planks.

In its letter, the development team outlined both its past achievements and future ambitions, which includes utilizing digibyte as a means of social expression.

Through DigiPay, the startup venture focused on building out the digibyte ecosystem, the developers hope to push their solutions to a wider business audience.

A Hong Kong-based web developer, Tofugear brings experience building retail-focused platforms and solutions to the digibyte team's payments work.

"As an ongoing collaboration, Tofugear and the digibyte team are excited by the prospect of working towards their mutual goal of engaging people with technology that enriches their everyday lives."

"At the edge of the digital currency frontier, the digibyte and Tofugear team synergies offer real opportunities where digital currency is primed for entrance," the Hong Kong-based company said.