Crypto-focused venture capital fund 1confirmation on Wednesday announced that it has closed its second fund – 1confirmation fund II – after raising $45 million.
The company already manages another . Now managing a total of over $75 million, the company is focused to invest in the early stage crypto companies.
“Since fund I launched two years ago, we’ve been lucky to work with great founders and partners (80+ LPs from 9 different countries) who have put trust in us to be good stewards for the industry as the adoption of open blockchains grows,” the official announcement stated.
Cryptos and equities
The portfolio of the company includes both digital currencies and equities of blockchain companies. The first fund invested in currencies backed by strong communities including Bitcoin, Ethereum, MakerDAO, Augur, Cosmos, Polkadot, Nervos, and Brave. It also added projects with a like bloXroute, Coinbase, Commonwealth, dYdX, Forte, Harbor, OpenSea, Tendermint, and Veil to its portfolio.
“Today, the current total market value of crypto assets is ~$223B and investment/speculation is the only mainstream use case. We think in the next five years, that total market value will surpass $1T as the investment/speculation use case continues to grow and other mainstream use cases emerge,” the announcement added.
The first fund was created by Nick Tomaino, an early Coinbase employee, in August 2017 and was backed by prominent individuals like Peter Thiel, Mark Cuban, and Marc Andreessen.
The company, however, did not disclose the details of the participants of the new fund.
Though with the new fund, the focus of the company will remain the same, only the amount of investment will rise as the company is planning to invest between $1 million to $2 million in each project, while with fund 1, the amount was between $250,000 to $1 million.
Earlier this month, that the Blockchain, the company behind the widely-used crypto wallet, is planning to raise $50 million for its venture capital fund.
Be First to Comment