Private equity veteran Glenn Hutchins mutually with other business partners has started a new venture capital crypto fund, Yahoo! Finance reported, quoting Hutchins.
The investors in the fund that has already raised some USD 72m are Bitcoin (BTC) bull hedge fund billionaire Paul Tudor Jones, previous CEO of PepsiCo, Indra Nooyi, and a famous American rapper, James Todd Smith, a.k.a. LL Cool J, and other distinguished investors, as claimed by the report.
Partner at the fund, Travis Scher, was cited as stating,
“Crypto is no longer just a fringe technology movement. There is extraordinary momentum behind decentralized solutions to some of society’s biggest problems, and our goal at North Island Ventures is to partner with the top entrepreneurs in the world bringing these solutions to life,”
The fund has already made seven investments so far, which includes Dapper Labs, Nori, and Axelar, it continued.
Meantime, Glenn Hutchins, the Chairman of North Island and a board member of the Federal Reserve Bank of New York, recently hinted disdain on those who would seek to drive a wedge between blockchain and protocols like the Bitcoin network. He said that the two were “inseparable,” and talking about networks without specifying their proprietary tokens was “like talking about a car battery and not an internal combustion engine” on a car.
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