Elephant Capital Managing Partner Gaurav Burman, has personally invested a undisclosed amount to buy a stake in Singapore-based Bitcoin exchange itBit, that trades in Bitcoins with US dollars, Singapore dollars and the euro with technology support from Nasdaq. Burman plans to bring the platform to India over a period of time, reports Times of India. itBit had raised $5.5 million to date from investors such as Canaan Partners and RRE Ventures with participation from Liberty City Ventures. Burman's investment comes at an interesting time as Bitcoin's valuation took a hit in the last week because of developments in China. The biggest Bitcoin exchange in China announced earlier this week that it will no longer accept yuan deposits, due to which the value of the virtual currency dropped a bit. The announcement came two weeks after China’s central bank said that banks and payments systems were barred from handling the virtual currency. Interest in Bitcoin exchanges, that let people trade Bitcoin in exchange for real currency, soared in November after US Federal officials said during a Senate hearing that many virtual currency systems offer legitimate financial services and have the potential to promote more efficient global commerce. It's value touched $1,200 at it's peak, but is now down to $713 after falling to $484 two days back. In India, there are only a couple of exchanges such as buyselbitco.in and coinmill, but it needs to be noted that a lot of Bitcoin trading happens through Local Bitcoins. The legality of the coin in India is…
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