Mark Cuban is singing a new tune about cryptocurrencies. The tech billionaire and “Shark Tank” star was an early sponsor of another cryptocurrency stock, noted by CoinDesk, the blockchain and digital currency news supplier.
The supposed 1confirmation fund propelled Tuesday and established by Nick Tomaino at Runa Capital, a $270 million Palo Alto-based financial specialist, plans to contribute “solely” in cryptocurrency assets, as indicated by Securities and Exchange Commission. Tomaino hopes to raise $20 million. “I think Nick is one of the sharpest minds in the space, and I’m a big believer that there will be transformational apps built on blockchain,” Cuban told CoinDesk.
Cuban’s support of Tomaino’s fund comes after a tweet by the billionaire a week ago saying he was hopping on the bitcoin bandwagon. Cuban’s newly discovered financial interest for the digital cash world is a turnaround for the man, who only two months ago called the crypotcurrency universe a bubble. Cuban took to Twitter toward the beginning of June, not long after bitcoin hit what was then a close record high of $2,900 a coin, to caution about a coming revision in bitcoin.
Cuban, at that point, turned his attention to the cryptocurrency space more fully. Cuban’s difference speaks to a major crosswise over Wall Street. Budgetary firms and institutional speculators are awakening to the benefit in cryptographic forms of money as bitcoin and Ethereum achieve new statures.
In a recent note to portfolio managers, Goldman analyst D. Boroujerdi and his team said:
“With the total value nearly $120 billion, it’s getting harder for institutional investors to ignore cryptocurrencies. Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are) real dollars are at work here and warrant watching especially in light of the growing world of initial coin offerings (ICOs) and fundraising that now exceeds Internet Angel and Seed investing.”
Introductory coin offering, a fundraising method controlled by Ethereum blockchain, has raised over $1.8 billion since the start of the year, as indicated by Autonomous NEXT, a fintech examination firm. Per CoinDesk, 1coinfirmation “will make initial investments in the $100,000 to $500,000 range in legal vehicles designed to help investors pre-purchase tokens or equity prior to an ICO.”