Nick Tomarino, a former Coinbase employee, who founded the 1Confirmation venture capital fund, raised $ 45 million to launch his second fund.

1Confirmation was founded in December 2017 and has received the support of a number of well-known investors, including Peter Thiel, Mark Andrissen and Mark Cuban.

In a conversation with Fortune, Tomarino said that the cryptocurrency industry is still awaiting distribution outside of speculation, while noting that the use of digital assets is gaining momentum in savings and lending.

Compare negative interest rates in Germany to the 7.5% yield you can get on cryptocurrencies like DAI. A crypto savings account is even a 3x improvement on U.S. savings rates.
 

Nick Tomaino

Founder, 1Confirmation

Tomarino refused to disclose the names of investors of his new fund, noting that they included many of those with whom he had already collaborated. The main focus in managing the new fund will be focused on companies creating the infrastructure to scale the rest of the cryptocurrency industry.

He also acknowledged that the investment climate has changed significantly since its heyday in 2017.

If you were an entrepreneur or fund manager in the space in 2016, you suddenly looked like a genius in 2017 and saw people throwing money at you to pursue new businesses or raise new funds. While new opportunities and piles of cash can be alluring, the best decision for early-stage founders is often to stay disciplined in terms of funding and focused in terms of product direction.
 

Nick Tomaino

Founder, 1Confirmation

The entrepreneur did not disclose information about the performance of his first fund, which raised $ 26 million, only saying that investors were satisfied.





Source link

Register at Binance

1Confirmation To Raise $45M For New Fund
1Confirmation To Raise $45M For New Fund
1Confirmation To Raise $45M For New Fund
1Confirmation To Raise $45M For New Fund

1Confirmation To Raise $45M For New Fund

1Confirmation To Raise $45M For New Fund