Summary List Placement
Blockchain investment firm CoinFund has raised $83 million for its third venture capital fund in an oversubscribed offering backed by venture firm Venrock Partners as well as a number of institutional allocators and leading crypto founders.
The crypto landscape is seeing a lot more volatility right now. A number major tokens including bitcoin having lost 50% in value just a couple of months after hitting all-time highs in April – the point at which exchange Coinbase went public.
Regulatory concerns and a crackdown on mining in China ignited a sell-off. Bitcoin is currently trading around $29,700 struggling to find support at the $30,000 level.
However, institutional investors aren’t deterred by the volatility, or the retreat from record highs. They’re starting to take the industry much more seriously, CEO and founder of 7-year-old CoinFund Jake Brukhman said.
“Today, more than 50% of our capital across the firm comes from institutional investment,” Brukhman said. “We think that’s going to continue based on our conversations with these folks, they see the blockchain space is similar, or analogous to the internet-era disruption. They’re taking a long-term view.”
The third fund will focus on the early stages of mainstream crypto adoption, so products and services …read more
Source:: Businessinsider – Technology
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