AliPay Operator is Critical Over ICOs

Eric Jing, Ant Financial's CEO believes that much of the existing blockchain enthusiasm comes from speculation
26 March 2018   635

Ant Financial Services Group, Alibaba's payment partner and operator of AliPay, has taken a critical position over ICOs. This is reported by Coindesk.

Eric Jing, CEO of Ant Financial's, talking at the annual China Development Forum on March 24 in Beijing, said that much of the existing blockchain enthusiasm comes from speculation around the blockchain.

Jing suggested that many projects behind tokensales canonly a poor white paper, and he appeared to rule out the possibility of his firm holding an ICO.

The current phase is like the internet bubble period in the '90s. Ant Financial has drawn a clear line with ICOs.
 

Eric Jing 

CEO, Ant Financial

Eric Jing noteed that he believes in blockchain's potential as a trust mechanism for the future digitalized society, but at the moment, bubble is likely to blow in the next few years. Only after that will the industry be able see real blockchain applications come, he said.

 

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Pantera Capital to Intend to Raise $175M for Crypto Fund

Whether the firm can achieve its funding goal is still unclear
16 August 2018   192

Pantera Capital intends to raise up to $ 175 million for its third venture fund, focused on the blockchain and cryptocurrencies, which marks significant progress against the background of the company's other two funds: the assets of the first of them are $ 13 million, the second - $ 25 million. This is reported by TechCrunch.

As reported, company's partner Paul Veradittakit says the target amount is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Whether the firm can achieve its funding goal is still unclear. According to documents recently sent to the US Securities and Exchange Commission (SEC), it has already managed to raise more than $ 71 million with the participation of 90 investors. Veradittakit calls this event "the closing of the first transaction".

One of the company's new funds, which opened last year, has a hedge fund structure and focuses exclusively on the ICO. The founder of the company Dan Morehead said earlier that Pantera takes part in the first stages of such campaigns, "basically getting a discount to the ICO price by getting in early, when it’s just a team and a white paper."

The second fund of the company is engaged in investing in bitcoin and has managed to serve a large number of investors during its existence. According to Morhed's calculations, the fund, launched 5 years ago, demonstrated a return of 10 136%.

The last fund Pantera invests in cryptocurrencies, which are already traded on the exchanges. It uses machine learning for algorithmic investment and takes into account the views of the company's management when making investment decisions.