Outback trading companies are hot.
The industry is big and growing.
And it’s becoming easier for businesses to do business with one another, says Jason DeCoster, founder and CEO of the Utah-based company.
“People are looking for a way to get value out of digital currencies.
They want to be able to do it without having to deal with the risk associated with that,” he says.
So Outback has created its own digital currency, the Outback Bitcoin, which is designed to be an online trading platform that allows investors to trade bitcoin, Ether and other digital currencies in exchange for physical goods.
Outback is trying to make trading digital more accessible.
For its new digital currency — called OutbackBitcoin — investors will have access to the company’s blockchain-based platform and be able transfer money, goods, and services between each other.
This will help companies and consumers both within the Outbacks footprint and from abroad, DeCostersays.
Bitcoin is not the only digital currency to come out of Utah.
The state’s state-run digital currency exchange, CoinMama, is also developing its own cryptocurrency, OutbackCoin, and has partnered with a company called Coinapult to offer the service.
“We’re working to get out of the digital realm and into the digital economy,” DeCOSTER says.
For more than a year, DeSoto has been a member of CoinMamas board.
DeSotos first heard about the digital currency out of curiosity, but his interest grew when he learned more about it, De Coster says.
He has spent time on the team of Coinapult, which provides the software behind the bitcoin and Ether trading platform, as well as its digital wallet.
He also recently started a bitcoin-focused venture capital fund called Utah Venture Partners.
“It was the perfect storm,” he adds.
De Costers has been building the OutBACK Bitcoin platform since January.
He is one of a few Utah companies that has invested in Coinbase, a bitcoin exchange that allows businesses and individuals to buy and sell bitcoin.
Utah Venture is the first company to invest in Coinbase and will use its position to bring out-of-state cryptocurrency trading to Utah.
DeCOUNTERS INVESTORS OUTBACK’S NEW COMPANY IS THE OUTBACK INVESTMENT COMPANY Jason De COSTERS Utah Venture Funds has invested more than $300,000 in Coinbase since April.
Utah Ventures will use a stake in Coinbase’s $4 billion investment in the digital trading platform to help the company reach its goal of building out a virtual currency exchange for Utah, Deutsch says.
Utah is also a hub for bitcoin, which has made Utah a haven for investors.
“The big advantage to Utah is that it’s not as hard as it’s made out to be,” De COUNTERS says.
Deutsch, who is also president of Utah Venture Investments, says Utah has the right size and mix of businesses that are willing to invest.
“They’re really excited about what we’ve built in Utah,” he explains.
Utah has been the most recent Utah state to embrace the bitcoin boom, and DeCOUNTS INVESTMENTS has been working to find out more about how Utah is doing.
DeCoSTERS ISSUES THE COIN-SANDBOX THE COINSIDE THE COinsider and the CoinDesk team will continue to report on Utah’s economic growth and cryptocurrency activity.
And we’ll keep you up-to-date with our reporting on the state of Utah, including the latest news and insights from around the state.
For Utah, bitcoin’s meteoric rise has led to new businesses, new products, and a new kind of competition.
In November, the Utah Economic Development Corporation awarded a $2.5 million grant to Outback to build a new bitcoin-based business in the state, Decker says.
Outbacks’ virtual currency trading platform is a way for investors to sell virtual goods and services, DeCoTS says.
It’s also a way the state can offer a way out of having to worry about regulation and taxes and other risks associated with bitcoin.
DeCOTS is confident that Outback’s digital currency will help the state become more digital.
“I’m very excited about the opportunity that Utah has, and I think that Outbacks success will be a good indicator to other states that they should embrace digital currencies as well,” he concludes.