Mark Cuban Backs $20M Cryptocurrency Start-up

A couple of years ago, Mark Cuban was a diligent cryptocurrency-skeptic. Today however, he is a vociferous crypto-evangelist. He has even done one better by backing a blockchain venture capital fund founded by Coinbase’s former Business Development Manager, Nick Tomaino. The company which is to be known as 1confirmation will be a VC for cryptocurrency-related enterprises. There was a filing on Monday with the Securities and Exchange Commission which indicates that the fund plans to raise a sum of $20 Million.

In an email to CNBC on Tuesday, Cuban stated that “It is an interesting space that I want to get involved with and learn more”.

Cubans opinion about digital currencies changed quite recently and this was affirmed by his tweet on the 14th of August – “might have to finally buy some bitcoin”. This is in contrast with an earlier tweet in June where he stated that bitcoin was a bubble. Then later in the same month of June after some studies into the crypto-space, Cuban had a change of heart and even indicated that he was going to participate in an Initial Coin Offering by Unikrn, an online sports betting site.

Mark has acknowledged that blockchain assets have value and that it “will be at the core of most transactions in the future. Healthcare, finance etc will all use it.”