1Confirmation Investment Fund, Backed by Peter Thiel and Mark Cuban, Raises $45 Million
1Confirmation, a cryptocurrency investment fund which was created by former Coinbase employee Nick Tomaino and backed by important figures such as Mark Cuban and Peter Thiel, has recently been able to raise $45 million USD from investors. The company was created by Tomaino after he left Coinbase and was launched back in August 2017.
At the moment, the company has over $75 million USD in assets under its management, which will be used to invest in several projects in the cryptocurrency industry.
One of the main reasons why the company is so famous is because it managed to attract the attention of several important figures in the industry, which include Marc Andreessen, one of the co-founders of Andreessen Horowitz.
Despite the big amount of money raised by the company and the name of the investors who were interested in it, it is fair to assume that 1Confirmation is not faring as well as its owners would like. The company was initially projecting to earn over $60 million during this round, achieving only around 75% of what it set out to make.
Another failure of the company was investing in Basis back in 2018. The company made several important investments such as Coinbase, Veil and Harbor, but it has also bet on this stablecoin, which is now defunct.
According to a recent blog post published by Tomaino, one of the company’s goals is to connect the users who are native to the crypto world with investors that are still not so used to this emerging industry.