Europe’s biggest venture capital firms are buying into sales of new virtual coins
Germany’s HV Holtzbrinck Ventures, which has more than 1 billion euros ($1.23 billion) under management, is talking to its investors about changing the terms of its next fund so it can buy tokens directly, Jan Miczaika, a partner at the firm, told Reuters.
Lakestar, the Zurich-based firm run by Klaus Hommels, has made at least four investments in crypto and blockchain-related businesses since early 2017, among them ShapeShift, an exchange, and Blockchain, a wallet provider, and it is preparing to invest in a combination of coin and equity stakes in more.
But with hundreds of start-ups - ICOs last year raised $6.3 billion - seeking to raise capital for new projects, investors say that to gain access to cutting-edge technology they need the flexibility to compete.
Nicolas Brand said :
It’s the internet in the early 1990s, you have to experiment, I have to find the best way of backing the best entrepreneurs and we need to be agile in how we invest.
Tokens are the route to make money.
Miczaika at HV Holtzbrinck said:
The (blockchain) technology is very exciting. Ninety-five percent of the tokens will go to zero. On the other hand, the other 5 percent are very interesting and could go on to revolutionize the market,” said Miczaika at HV Holtzbrinck.
article source: reuters.com
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