Former Cryptocurrency Skeptic Marc Cuban Invests
CryptoBit News Today1 min read
The billionaire investor, technology entrepreneur, and Dallas Mavericks owner Mark Cuban is getting used to the new world of cryptocurrency. In a three-month span, Cuban has made his second cryptocurrency investment. His latest bet is on 1confirmation, a new fund that plans to raise $20 million to back early-stage blockchain-based companies.
Nick Tomaino, one-time Coinbase product manager and principal at Runa Capital, leads the 1confirmation fund. Tomaino aims to help decentralize the web and society, shifting networks toward distributed architecture and transferring the control of money from institutions to individuals. He is looking for "projects that use tokens to create new organizational structures and behavioral models," which could include work tokens or decentralized governance.
Interview with Nick Tomaino
"The most interesting and useful thing about blockchains is their ability to empower people in new ways," he said. Blockchains could improve the robustness of computer networks, making them more resistant to attacks.
The fund hopes to add value to portfolio companies, potentially increasing the ICO pricing. The fund attracted prominent early backers, including Cuban, who praised 1confirmation and its mission.
Cuban's Views on Blockchain
Cuban has stated that he has always backed blockchain technology, favoring distributed ledgers for transactions and record keeping. Cuban said that most bitcoin buyers have "no idea what they are buying."
Cuban sees blockchain potentially having an "Amazon- or Google-level impact application."
In June, Cuban backed Unikrn, a sports-betting platform where users can place free wagers with virtual tokens called "Unikoins."
Skeptical No More
It's only been a few months since Cuban said bitcoin was a bubble, at around $3,000. Since then, the price has reached record highs, and the tech mogul has gone from skeptical to enthusiastic.
The Dallas Mavericks owner also indicated that he might buy some bitcoin.
