Mark Cuban Just Backed a "People-Driven" $20 Million Token Fund

“Like Amazon and Google came out of the internet bubble there will be winners and losers in cryptocurrencies."

8. 23. 17 by Patrick Caughill
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Blockchain is about more than just Bitcoin, or even cryptocurrency in general: it is a platform that has to potential to transform the way we connect to each other. The field is currently saturated, and still growing, with blockchain platforms and cryptocurrencies seemingly popping up daily. In an email to Forbes, celebrity investor Mark Cuban wrote, “Like Amazon and Google came out of the internet bubble there will be winners and losers in cryptocurrencies. It's too hard to buy for most people, harder to trust that it won't be hacked, and even harder for most to understand.”

Cuban cast a vote of confidence for one emerging crypto venture fund, 1confirmation. The fund is hoping to completely revamp how business is done in digital space. Its founder, Coinbase alum Nick Tomaino, envisions a people-driven platform. "The most interesting and useful thing about blockchains is their ability to empower people in new ways. Blockchains put power in the hands of people, and take it away from large institutions," he said in an interview with CoinDesk.

Tomaino is looking to raise $20 million to invest in cryptographic assets and create a token economy. This new organizational structure will be comprised of decentralized networks, in which these tokens incentivize people from various backgrounds to contribute to the growth of the ecosystem. In theory, the growth of the network will increase the value of the tokens.

The fund is only in its infancy, along with many other offerings in the field. It is also a field that is too young, and growing too rapidly, to make too many bold predictions about the possibility of specific successes and failures.

Disclosure: Several members of the Futurism team are personal investors in cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.


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