Crypto venture capital firm 1confirmation has raised $125 million for its latest fund investing in cryptocurrency startups and digital assets.
Led by early Coinbase product manager Nick Tomaino, the fund, 1confirmation’s third, will follow the $800 million asset manager’s thesis of betting on projects with long-term disruptive potential.
“Our beliefs about the future have remained consistent since our initial launch four years ago,” Tomaino wrote in a blog post shared early with CoinDesk. Those beliefs: that crypto will empower individuals over institutions, that it has revolutionized online monetization and that social media platforms will create a wave of decentralized entrepreneurial communities.
One thing that has changed in four years is the sheer size of the fund’s launch capital.
Tomaino declined to reveal Fund III’s backers. Previous limited partners have included Mark Cuban, Marc Andreessen, Balaji Srinivasan and Brendan Eich.
The firm’s Richard Chen has been promoted to general partner, according to the blog post.
Correction (May 27, 18:50 UTC): 1confirmation invested in NFT platform SuperRare, not Rarible.
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