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Bitcoin Startup Buttercoin Draws Wedbush as Investor

Corrected

Wedbush Securities Inc., the Los Angeles-based financial-services firm founded in 1955 by friends fresh out of college, took a stake in bitcoin venture Buttercoin and is using the platform to buy and sell the virtual currency.

The deal makes Wedbush, with offices from Manhattan to Honolulu, the first Wall Street firm to announce a stake in a bitcoin startup, Buttercoin Chief Executive Officer Cedric Dahl said. Buttercoin, with backers including Google Ventures and Y Combinator, helps businesses shift between cash and bitcoins to use the virtual currency or provide related services to clients.