Digital Currency Fund Secures VC from Big Boys

Note from the CEO:  Congratulations from FintekNews and another milestone in the world of cryptocurrencies has arrived. What milestone you ask? Well, the very fact that a new investment fund has secured capital from a couple of the biggest names in the venture business which just screams………validation. When we last spoke with Olaf a few months ago he was just launching and now……….well, congratulations again.

“Polychain Capital led by Coinbase veteran trader Olaf Carlson-Wee has raised $10m from venture heavyweights Andreessen Horowitz (A16z), Union Square Ventures (USV), Boost VC and others to invest in so-called “protocol tokens” that are alternative assets like bitcoin. Olaf said the fund would seek to let investors get exposure to an actively managed portfolio of blockchain-based assets. This is a very cool read.

“A startup that specializes in the trading of blockchain-based assets has raised a $10m fund backed by Andreessen Horowitz (A16z), Boost VC and Union Square Ventures (USV), among other undisclosed investors.

Led by Coinbase veteran Olaf Carlson-Wee, Polychain Capital intends to invest in so-called “protocol tokens” or alternative assets that like bitcoin, have both an underlying protocol and a tradeable asset that manages access to a digital ledger or application.

In conversation with CoinDesk, Carlson-Wee described the fund as one that would seek to offer investors exposure to an actively managed portfolio of blockchain-based assets.

Notably, Carlson-Wee credited the success of alternative blockchains like ethereum as driving interest in the fund. While there has been dramatic growth in the price of its native asset, little of this value has been accessible to traditional VCs, he said.”

Source: CoinDesk