Crypto Investment Firm 1confirmation Wants to Launch Second Fund

Crypto Investment Firm 1confirmation Wants to Launch Second Fund

One of the earliest cryptocurrency venture capital firms in the world, 1confirmation, is looking to raise as much as $60 million for a new fund, according to a report by The Wall Street Journal published on January 17, 2019.

Heavy Hitters back Long-Standing Firm

While bitcoin is still hovering well under $4,000 as of press time, a far cry from its all-time highs over $19,000, it appears as though there is still life in the cryptocurrency investment world.

1confirmation was founded by Nick Tomaino, and includes high-profile backers such as billionaires Mark Cuban and Peter Thiel. For those who are unaware, Thiel is a venture capitalist and co-founder of Paypal, and considered one of the most famous venture capitalists in the world. Cuban is also a famous billionaire entrepreneur, who many might know from the hit ABC TV show “Shark Tank.”

The fund previously raised $27 million in December 2017, right in the middle of bitcoin’s famous bull run. 1confirmation is now looking to raise more money at a time where bitcoin is nowhere near the price it used to be, which some might indicate as a sign that the fund believes that the market has reached a bottom.

Converting a Skeptic with Smart Calls

The fact that Cuban invested in 1confirmation is interesting, considering that the billionaire Dallas Mavericks owner had called bitcoin a “bubble” before prior to taking a position in the firm.

Cuban called the digital asset a “bubble” in a tweetstorm when it was around $3,000, and bitcoin went on to increase in price by over 600 percent. He later deleted the tweets.

In a recent Medium post, Nick Tomaino, the founder of 1confirmation, pointed out that he was also bullish on Augur, a global prediction protocol that allows users to create new markets. The firm has also invested in Veil, a peer-to-peer trading platform that interacts with Augur. The post also revealed that 1confirmation held REP tokens, Augur’s native token

Although there is no telling what will happen long-term in terms of price action with the REP token – it has more than doubled in the past few days, proving that the fund may have been smart to include it in its holdings.

Published at Sun, 20 Jan 2019 14:00:06 +0000