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In he co-founded the now-defunct startup company BitInstant , and is a founding member of the Bitcoin Foundation , formerly serving as vice chairman.
In December he was sentenced to two years in prison  for aiding and abetting the operation of an unlicensed money-transmitting business related to the Silk Road marketplace.
He was released from prison around June In , he joined Jaxx as its director of business and community development. Later that year, he founded cryptocurrency advisory CryptoIQ. Shrem was born and raised in Brooklyn , New York. As a college senior in , Shrem started investing in bitcoin.
Soon after, the bitcoin service Shrem was using crashed, and he lost his bitcoins. Shrem and Gareth Nelson, a friend he met online, had similar frustrations with the length of time it took to buy and sell bitcoin on exchange sites. They started BitInstant , a more user-friendly company that charged a fee for users to purchase and make purchases with bitcoins at over , locations, providing temporary credit to speed up transactions.
At the Bitcoin conference in San Jose, California , Shrem spoke about the challenges facing bitcoin companies and the need for them to comply with regulations, as well as the challenges of properly explaining the value and mainstream potential of bitcoin. Shrem is a founding board member of the Bitcoin Foundation , founded in with a mission to standardize and promote bitcoin. Shrem is featured in The Rise and Rise of Bitcoin , a documentary directed by Nicholas Mross that explores the origins and development of bitcoin.
It premiered at the Tribeca Film Festival. After his release from hour house arrest in May , with the conditions that he must abide by a curfew,  remain in New York City and wear a GPS monitoring device,  Shrem spoke at bitcoin industry events, worked as a business development consultant for payments startup Payza, and advised two Brooklyn Holiday Inn hotels on preparations to accept bitcoin for payment.
Owners of the tokens would own a piece of the companies in the portfolio. In May , Shrem joined Jaxx as its director of business and community development. The multi-platform blockchain cryptocurrency wallet developed by Decentral enables users to control their digital assets. While in high school, Shrem started Epiphany Design and Production, a company that fixed printers and computers.
Daily Checkout was acquired by BlueSwitch in Shrem is a co-owner of Manhattan bar EVR, which opened in and, in April of that year, became the first bar in New York to accept bitcoin as a form of payment. In , Shrem became involved in the cryptocurrency Dash , proposing the creation of a debit card that could be loaded with Dash coins, which would be converted into the local currency for the cardholder to make purchases. Shrem's planned Dash debit card would be the first that could be used in the US.
Shrem is the founder of CryptoIQ, an advisory business aiming to bring cryptocurrencies into the mainstream. Shrem was also charged with failing to report suspicious banking activity and operating an unlicensed money-transmitting business. Shrem was released on bail on January 28, , on the condition that he submit to electronic monitoring and live with his parents in their Marine Park, Brooklyn home.
Shrem was indicted on April 10, on accusations of "operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities.