1confirmation The first fund raised US$26 million in 2017, and the fund’s assets currently exceed US$800 million. The founder of 1confirmation believes that the number of users in the cryptocurrency industry will reach 1 billion in the next five years.
Written by: Lu Jiangfei
Cryptocurrency venture capital firm 1confirmation announced that it has completed the fundraising of its third fund, 1confirmation Fund III, with a total of 125 million US dollars. 1confirmation founder Nick Tomaino said, “Thanks to this latest financing, 1confirmation will continue to invest in founding companies, cryptocurrencies and NFTs, so that people around the world can better control their lives.”
Nick Tomaino, founder of 1confirmation
Nick Tomaino worked at Coinbase from 2013 to 2016, then left Coinbase and founded 1confirmation. At the peak of the bull market in 2017, 1confirmation’s first fund was launched. At that time, it raised $26 million. The LP included billionaire Mark Cuban, legendary venture capitalists Marc Andreessen and Peter Thiel. The fund’s asset management scale has grown to over 8 One hundred million U.S. dollars.
In 2019, 1confirmation launched the second fund and raised US$45 million for the second fund.
1confirmation’s portfolio
With the official completion of the third fundraising, Nick Tomaino wrote a blog to share his views on the development trend of the cryptocurrency market. Nick Tomaino stated:
“Since the establishment of 1confirmation 4 years ago, our belief in the future has not changed”, he pointed out:
Thanks to the blockchain, power is being transferred from institutions to ordinary people. Blockchain started with Bitcoin, which was created in 2009. The emergence of Bitcoin allowed people to control money by themselves for the first time. After that, the seeds planted by Satoshi Nakamoto germinated in the Ethereum community, and more and more people could control the trading platform, data and identity by themselves. The blockchain technology trend may take decades to develop, and we are still in the early stages: on the one hand, the number of institutions that control people’s lives is decreasing; on the other hand, the smallest credible product that allows us to have more control The number is increasing.
Cryptocurrency has changed the way online products are monetized, and more tokens will flourish in the future. For those who have just entered the cryptocurrency industry, we have seen two common mistakes: first, they feel that cryptocurrency has no long-term value; second, they believe that Bitcoin is the only cryptocurrency with long-term value. The fact is that value is based on collective beliefs. If people believe that an asset has value, they can certainly find many reasons to support this belief. Creating tokens is the best way for Internet product developers to provide incentives and maintain the same value acquisition with users. There is no doubt that more tokens will flourish in the future.
Traditional venture capital (VC) will be replaced by Reddit, Discord, Telegram and Twitter in the future. Venture capitalists will no longer be “king makers”, and Silicon Valley will no longer be an innovation center. The power of entrepreneurs will become more and more dispersed, and the next Facebook or Coinbase is more likely to appear in Discord, rather than in Silicon Valley-grassroots online communities will become the most powerful force on the Internet today.
He also predicts that the number of users in the cryptocurrency industry will reach 1 billion in the next five years.
In addition to the completion of the fundraising of the latest fund, 1confirmation also announced the promotion of Richard Chen to general partner. Richard Chen has been responsible for leading research and development work since joining 1confirmation in 2018, and has also provided a lot of support and assistance to the team and product construction.
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