Union Square Venture Plans to Invest in Blockchain

Union Square Venture Plans to Invest in Blockchain

C-Buzz
Jun 29, 2018 by KARAN GHOSH
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As per a report by CNBC on 29th June 2018, Union Square Ventures, private equity, and venture capital firm, during the next ten years plans to invest in cryptocurrencies and Blockchain but, would not set up a separate fund for the same. Union Square Ventures is based out of New York and has interests in
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As per a report by CNBC on 29th June 2018, Union Square Ventures, private equity, and venture capital firm, during the next ten years plans to invest in cryptocurrencies and Blockchain but, would not set up a separate fund for the same. Union Square Ventures is based out of New York and has interests in start-up financing, technology application supporting companies along with web services who have established large networks. Their portfolio consists of more than 100 companies and features many crypto investments such as Coinbase, a digital currency exchange, and CryptoKitties (Ethereum based virtual, game).

Albert Wenger, who is the managing partner at Union Square Ventures, was quoted saying that “We see a lot of upside to keeping it under the same roof.” His views were quite optimistic despite the bearish trend in the market, and he further said that “Investors are rationally pouring a lot of money into this sector, because I think people see the winning Blockchain here might be worth a trillion, or a couple of trillion dollars. It’s not at all crazy to think that.”

He echoed the views expressed by Steve Wozniak regarding blockchain being a bubble like a dotcom era but then added that if the investors diversify their investments, then the risk is justified. Thereafter he added his views that “Certainly, for any one particular project there’s an extremely high chance it won’t work. As a result, if it works, the rewards will be very high.”

When asked about his views on ICOs, Albert Wenger said that though they are not suitable for each and every Blockchain project certainly are an “innovative new financing mechanism.” Despite the fact that ICOs have already raised $9.1 billion this year, Wenger argued that the amount raised not an accurate indicator of the success of ICOs. It is reported that Wenger owned Bitcoin (BTC) and said that he knows about the risks that retail investors face, “I don’t think you should be in the space and say ‘I’m only going to hold Bitcoin.’ At the moment, this whole space is a high-risk space, and I don’t think anybody should be investing all of their life savings.”

Karan is a true wordsmith and he has an adept way with words. His past experience of Content Journalism includes writing for the Indian as well the South African Governments.

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