Alex Tapscott, the co-author of the book "Blockchain Revolution," is today launching a new digital asset investment firm backed by $20 million in financing.
Called NextBlock Global, the new firm will focus on investments in the digital asset space. In statements, the fund's backers described the round as oversubscribed – a perhaps unsurprising state of affairs given recent interest from investors in vehicles tied to the blockchain industry.
Tapscott, who penned "Blockchain Revolution" with his father Don Tapscott, said in a statement:
"We saw tremendous demand from institutional and strategic investors who are looking to get exposure to this new asset class. NextBlock will immediately begin to deploy capital, giving investors diversified exposure to the most promising investments in this space."
NextBlock Global joins a growing body of ventures aimed at capitalizing on growing interest in blockchain-based assets. As reported by CoinDesk, the operators of a regulated, Jersey-based bitcoin fund earlier this month closed a new $5 million fund aimed at investing in blockchain tokens and initial coin offerings (ICOs).
Other investors, including some long-time backers in the bitcoin space, have sought capital to invest in the ICO space. CoinDesk's Q1 State of Blockchain report noted that, in a first, more money has been invested in blockchain projects by way of ICOs compared to traditional venture capital this year.
Although it's not immediately clear which projects NextBlock will move to back, Tapscott suggested that the firm may cast a wide net as it looks for opportunities in the space.
"This is only the beginning," he said.
Image courtesy of Don and Alex Tapscott