Bitcoin, a virtual currency, has been attracting a lot of interest and its value surpassed $1,000 recently.

 

Backers of the currency, which is not controlled by regulators, have been pushing for its increased usage. 

 

Coinbase said it will use the funding to "educate the market, and promote the mainstream¹ adoption² of Bitcoin". 

 

"We are nearing a tipping point for broad adoption of Bitcoin - what we at Coinbase believe to be one of the most important shifts in the global economy in our lifetime," the firm said in a blogpost.

 

 

Confidence in Bitcoins has grown after a US Senate committee described it as a "legitimate³ financial service" at a meeting in October.

 

However, on Friday, the European Banking⁴ Authority (EBA) warned about the potential risks of using Bitcoins.

 

"In particular, consumers should be aware that exchange platforms tend to be unregulated and are not banks that hold their virtual currency as a deposit," the EBA said. 

 

"Currently, no specific regulatory protections exist in the European Union that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business."

 

China, the world's second largest economy, has also banned its banks from handling Bitcoin transactions, saying they had no legal status and should not be used as a currency.

 

At the same time, there have been concerns that the rise in Bitcoin's value has been triggered by speculators looking to cash in on its popularity. 

 

Alan Greenspan, former US Federal Reserve chairman, has called the rapid rise a "bubble".

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