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Peter Vessenes

A new foundation will seek to rally support for Bitcoin, aiming to overcome the challenges faced by the digital currency and boost its use in the long run.

Peter Vessenes, the entrepreneur behind the CoinLab incubator in Seattle, is the executive director of the newly launched Bitcoin Foundation.

“My hope is that the Bitcoin Foundation will be the organization that focuses and unlocks all of your energy and talents towards promoting Bitcoins, protecting them, and increasing their legitimacy through standardization,” writes Vessenes in an introductory letter.

The foundation’s goals for 2013 include running a Bitcoin Conference in the spring of 2013 in Silicon Valley; publishing a set of best practices for businesses using Bitcoin, and creating a certification process for Bitcoin businesses.

“As the Bitcoin economy has evolved, we have all noticed barriers to its widespread adoption—botnets that attempt to undermine the network, hackers that threaten wallets, and an undeserved reputation stirred by ignorance and inaccurate reporting,” reads the foundation’s site. “To us, it became clear that something had to be done. We see this foundation as critical for bringing legitimacy to the Bitcoin currency. Only then can we increase its adoption and positive impact on the world’s finance.”

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