PayPal co-founder and noted venture capitalist Peter Thiel has backed a $2.1 million seed round for crypto investment startup Layer1, the firm announced Wednesday.
Other investors in the round include Digital Currency Group, institutional investor Jeffrey Tarrant and more.
Layer1 is a crypto investment and engineering infrastructure platform. However, it also acts as a kind of tech-focused fund in that it backs “promising” blockchain protocols and then builds technology to support their growth. The firm takes a particular focus on "programmable money and store-of-value applications," which it sees as having the most potential for value creation.
Currently, the firm said it's "deeply involved" with a privacy-focused cryptocurrency called grin, which is scheduled to launch on Jan. 15, 2019. According to an active job post, Layer1 may also be planning to mine grin and other cryptos.
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