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.