Crypto VC Firm Seeking $60M Amid Bitcoin Rout: Good Sign?2.8

It goes without saying that 2018’s bear season savaged the broader crypto industry. Investors lost faith, Wall Street seemingly pulled out, and entire startups collapsed as financial pressure mounted, catalyzed by a collapse of the Bitcoin price. Yet, ambitious venture groups continue to seek financiers en-masse, as arguably, bear markets are an optimal time for “buying the dip.”

On Thursday, the Wall Street Journal’s “Venture Capital” column revealed that San Francisco-headquartered 1confirmation, supposedly one of the first crypto-dedicated venture groups, is looking for prospective investors. Citing a person familiar with the matter, the WSJ noted that 1confirmation is looking for $60 million for its second fund — more than double the $27 million raised in the American firm’s inaugural round in December 2017.

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