Bay Coins, LLC, a Palo Alto, Calif.-based mobile marketplace for buying and selling bitcoins, recently launched its app backed by angel funding.
Backers included its chairman of the board, Rizwan Virk, who is known for his investments in leading mobile startups such as Tapjoy, Gameview Studios, Funzio, and Apsalar, among others.
Founded by a group of MIT alumni, including Prasath Nanayakkara and Shahani Weerawarana, Bay Coins has just launched Bitcoin Bazaar Local, an app to acquire Bitcoin, while protecting users’ privacy.
The app allows users to find buyers and sellers in their neighborhood, using location services from their mobile phone. Buyers and sellers can transact using cash without needing to enter bank or financial information into the app.
Bitcoin Bazaar is available for iOS and Android devices on the iTunes App Store and Google Play, respectively.