From Skeptic to Believer – Mark Cuban Backs a New $20 mil. Cryptocurrency Fund
There was a time when Mark Cuban, the Shark Tank star and tech billionaire, called Bitcoin’s surge in price a bubble that will eventually burst. Now, he has jumped on the BTC bandwagon, and is making huge investments in the digital currency world.
Mark Cuban recently announced that he is backing a new cryptocurrency fund that is worth $20 million. The venture capital fund is called 1confirmation that is founded by Nick Tomaino, who happens to be the former business development manager at a reputed online currency exchange, Coinbase Inc. and Runa Capital principal. Tomaino also runs a blog, The Control, that is focused on providing readers information about the shifts and changes in the digital currency realm.
The fund is set up to raise $20 million, as per the information from the filing with the Securities and Exchange Commission. The plan is to invest about $500,000 before their initial coin offering (ICO) in early stage companies. 1confirmation will also provide assistance in their product’s development in exchange for a discounted price, which will be offered once the startup is prepared to issue an initial coin offering (ICO).
What Caused Cuban’s Change of Heart?
Fairly recently, we saw Cuban’s skeptical comments on bitcoin, saying that it is just a fad, and it will come down within no time. However, his opinion changed after he realized the continuously rising price of BTC in just a few months, especially this year. Cuban said in a tweet that he had no idea how much and when the BTC price will rise.
In a tweet he posted on August 14, 2017, Cuban admitted his interest in BTC and said that he might finally buy some, which is a 180-degree opposite of what he said earlier in June. Cuban also acknowledged that the blockchain technology has significant value and it has the potential to become the medium for most transactions in the near future in various industries, such as healthcare, finance, etc.
BTC value has quadrupled during 2017 and hit its highest recently, which was $4,522.03 showing $74 billion market capitalization, according to the data released by CoinDesk. ICOs have also raised $1.37 billion to date this year, and continue to increase by the passing day.
Cuban has been Busy
1confirmation is not the first investment that the tech billionaire has made in the digital currency space. He has bought a stake in Unikrn, an online eSports betting platform, and is planning to invest in the website’s tokens that are being sold on it. Aside from this, Cuban has also taken interest in a third cryptocurrency-related venture, and said in an interview to CNBC: “It’s an interesting space that I [want] to get involved with and learn more.”
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