New crypto VC fund attracts Wall Street billionaires and LL Cool J

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A collection of bitcoin tokens sit in this arranged photograph in London, U.K., on Wednesday, Jan. 4, 2017. The electronic coin that trades and is regulated like oil and gold surged 79 percent since the start of 2016 to $778, its highest level since early 2014. Photographer: Chris Ratcliffe/Bloomberg

Yahoo Finance: In another sign that crypto has become a mainstream investment, private equity veteran Glenn Hutchins, along with his son James Hutchins and partner Travis Scher, have launched a new venture capital crypto fund with a marquee list of investors including hedge fund billionaire Paul Tudor Jones, Raj and Indra Nooyi (the latter being the former CEO of PepsiCo) and James Todd Smith, better known as LL Cool J.

“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility and the cloud,” says Glenn Hutchins. “It is the proverbial next big thing.”

There are a number of other crypto venture funds out there currently, so the North Island fund will need to differentiate itself, which it might be able to do given the experience and reputation of the founders and given that North Island already has back office infrastructure in place. The thesis of the fund is that crypto is an enabling technology which offers unprecedented capabilities that entrepreneurs can leverage and combine to create applications that could not previously exist. Read More

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