PayPal’s Peter Thiel Gifts Layer1 a $2.1 Million Investment to Create ‘Category-Defining’ Crypto Company
PayPal co-founder and venture capital investor Peter Thiel just made a major investment in a cryptocurrency firm called Layer1. On Wednesday, the company revealed that it had received $2.1 million in seed funding from Peter Thiel and other investors.
The San Francisco-based company claims to have an executive team with wide-ranging experience across the tech sector and financial services industries. Using that experience, Layer1 aims to create the “crypto investment company of the future”:
“We believe that the crypto investment company of the future will look radically different to status quo, with a clear focus on an engineering-first and pro-activist investment approach,”
said Layer1 co-founder Alexander Liegl, who previously worked on building a fraud detection platform for tax agencies.
“Cryptocurrencies, as open-source protocols, offer the unprecedented opportunity for companies like Layer1 to meaningfully add value. This is fundamentally different from the possibilities available in traditional asset classes.”
The goal of Layer1 is to be the “category-defining investment company” for the crypto industry. Layer1 will aim to achieve that goal by acting as an engineering organization that directly engages with open-source protocol development.
For now, Layer1 is focusing on a privacy-focused cryptocurrency called Grin. The company is building technology to support the growth of that cryptocurrency, which is scheduled to launch in early 2019. Grin is being built from the ground-up as a highly scalable cryptocurrency with stronger privacy features than competing cryptocurrencies.
In addition to PayPal co-founder Peter Thiel, Jeffrey Tarrant is also investing in Layer1. Tarrant was one of the early backer of the MIT Media Lab’s Bitcoin Developer Fund. He’s also the co-founder of investment firm Protégé Partners, where Layer1 co-founder worked as an intern in 2016, as reported by Finance Magnates.
“Whether he came into contact with Tarrant at that point in time, and whether that influenced the latter’s decision to invest in Layer1, is unclear.”
At the official Layer1.capital website, the company describes itself as “an investment and infrastructure platform” that will “take concentrated bets on promising blockchain protocols and build critical technology to support their global impact.” Clearly, Layer1 believes there’s potential in the new Grin cryptocurrency, which is why they’re building technology to support Grin.
So far, there’s limited information about Layer1 Capital, LLC available online. You can learn more, however, by visiting the company online today at https://www.layer1.capital/