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1confirmation Crypto Venture Capital Fund Seeks $20 Million

By

Matthew

De Silva

WriterETHNews.com

Backed by Mark Cuban and headed by Nick Tomaino, 1confirmation is a newly announced crypto venture capital fund  that aims to raise $20 million.

On Monday, WSJ Pro Venture Capital reported the launch of 1confirmation, a crypto venture capital fund supported by billionaire investor Mark Cuban. Nick Tomaino, a former business development specialist at Coinbase, is leading the enterprise, which seeks $20 million from investors.

“I’m most excited by entrepreneurs building new projects, and there’s no fund right now that’s solely focused on investing in both tokens and projects at the earliest stage of project development,” said Tomaino.

1confirmation will stake seed funding in early-stage crypto companies. Initial investments will approximately range between $100,000 and $500,000. As crypto companies move toward token offerings (ICOs), the fund will negotiate discounted price schedules for its investors. This will be facilitated through a Simple Agreement for Future Tokens, or SAFT.

For now, Tomaino seems more focused on founders than simply fundraising.

“The thesis for the fund is that people matter most in the space. People tend [to] want to read white papers and understand the technology, and I think that stuff is less important than people actually think. At the end of the day, the entrepreneurs behind these projects are the most important thing.”

Tomaino also expressed that his primary interest is in companies that comply with regulation. His awareness of the regulatory landscape and his long-term approach bode well for potential investors. 1confirmation’s technical advisory board counts Brave Software CEO Brendan Eich, 21.co CEO Balaji Srinivasan, and SiaCoin CEO David Vorick among its members.

Matthew De Silva

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

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