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Daily Report: Winner of Bitcoin Auction Seeks to Increase Currency's Use in Emerging Markets


But the winner, the venture capitalist Tim Draper, is not seeking a quick hit, Sydney Ember reports. Instead, through a partnership with the Bitcoin exchange start-up Vaurum, Mr. Draper intends to make the coins available for use in emerging markets.

"With the help of Vaurum and this newly purchased Bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies," Mr. Draper said in a statement through Vaurum. "We want to enable people to hold and trade Bitcoin to secure themselves against weakening currencies."

The United States Marshals Service, which organized the auction of the coins seized from the now-defunct market Silk Road, confirmed on Wednesday that Mr. Draper won the auction.

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