1confirmation, a cryptocurrency venture capital firm, announced the closing of its third fund, 1confirmation Fund III, raising a total of $125 million. 1confirmation founder Nick Tomaino said, “With this latest funding, 1confirmation will be able to continue to invest in founding companies, cryptocurrencies and NFTs, enabling people around the world to take better control of their lives. 1confirmation will be able to continue investing in founding companies, cryptocurrencies and NFTs to empower people around the world to take greater control of their lives,” said Nick Tomaino, founder of 1confirmation.
Nick Tomaino, Founder of 1confirmation
Nick Tomaino worked at Coinbase from 2013 to 2016 before leaving to found 1confirmation. 1confirmation’s first fund was launched at the height of the bull market in 2017 with $26 million in capital raised and LPs including billionaire Mark Cuban and legendary venture capitalists Marc Andreessen and Peter Thiel, and the fund has grown to over $800 million in assets under management.
In 2019, 1confirmation launched a second fund, raising $45 million for its second fund.
With the third fund officially closed, Nick Tomaino wrote a blog post sharing his thoughts on the trends in the cryptocurrency market, stating.
“Our belief in the future has not changed since we founded 1confirmation four years ago,” he said.
Thanks to the blockchain, power is shifting from institutions to ordinary people. Blockchain began with the creation of Bitcoin in 2009, which allowed people to control their own currency for the first time. Later, the seeds planted by Satoshi Nakamoto germinated in the ethereum community, where more and more people can control trading platforms, data and identities themselves. Blockchain technology trends can take decades to develop, and right now we are still in the early stages: on the one hand, the number of institutions that control people’s lives is decreasing; on the other hand, the number of minimal trusted products that give us more control is increasing.
Cryptocurrencies have changed the way online products are liquidated, and more tokens will be flourishing in the future. For people who are new to the cryptocurrency industry, we see two common mistakes: first, they don’t think cryptocurrencies have any long-term value; second, they think Bitcoin is the only cryptocurrency with long-term value. The truth is that value is based on collective beliefs, and if people believe that an asset has value, they can certainly find many reasons to support that belief. Creating tokens is the best way for Internet product developers to provide incentives and maintain the same access to value as their users. There is no doubt that more tokens will flourish in the future.
Traditional venture capitalists (VCs) will be replaced by Reddit, Discord, Telegram, and Twitter, venture capitalists will no longer be the “king makers,” and Silicon Valley will no longer be the center of innovation. Entrepreneurial power will become increasingly decentralized, and the next Facebook or Coinbase is more likely to be found in Discord than in Silicon Valley – grassroots online communities will become the most powerful force on the Internet today.
He also expects the cryptocurrency industry to reach 1 billion users in the next five years.
In addition to completing the fundraising for its latest fund, 1confirmation also announced the promotion of Richard Chen to General Partner, who has been leading research and development since joining 1confirmation in 2018 and has also provided significant support and assistance to the team and product build.
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