Bitrazzi
Bitcoin, Cryptocurrency And Blockchain News

China-Based VC Firm Launches Plan to Back U.S. Blockchain Startups

0

Node Capital, a Chinese venture capital firm, has declared that it will open an office in the U.S. in order to provide funding; using 200,000 Ether for local blockchain startups. The announcement was made on June 27th at the Silicon Valley Blockchain Week, held at the Hilton San Jose Hotel.

Node Capital has previously invested in FansTime Chain, IONChain, Befund service, Genaro Network, among others. Du Jun founded Node Capital in 2017 and has successfully invested in 120 crypto startups. He also co-founded and worked as a CEO of cryptocurrency exchange, Huobi.

When Huobi announced its comeback last year, Du Jun talked about China’s tightened rules surrounding the crypto world. “It’s just a beginning. A good industry won’t collapse because of crackdowns by a single country, and I don’t think a good entrepreneur will lose his strength because of one country’s restrictions,” said Jun.

The US is already home to several blockchain and cryptocurrency venture capital firms such as Pantera Capital. It was founded in 2013 as “the first US Bitcoin investment firm”. Pantera has backed projects such as OX Protocol, Abra, bitcoin.org, coins.ph, Civic, ethereal.org, Origin, Ripple and Z Cash. Other US-based VCs include Blockchain Capital and Sequoia Capital. The former has invested in Bitfury, BitGo, block.one, Coinbase, LedgerX and Ripple.

Dan Morehead, Pantera’s CEO, told CNBC that people should buy Bitcoin now, referring to BTC’s price in May 2018. “All cryptocurrencies are very cheap right now … It’s much cheaper to buy now and participate in the rally as it goes,” said Morehead.

After suffering a sharp decline in price in the last few days, EOS, Stellar and IOTA are in the green . Bitcoin is maintaining its position at $6,115, while Ethereum is valued at $436. Meanwhile, Monero and Binance Coin have increased by over 3% in the last 24 hours.

Comments