Energy Giant BP to Consider Partnering With ICO

BP's technology director for digital innovation said that non-financial enterprises may be more open to blockchain innovation than financial companies
19 April 2018   677

The energy giant BP is considering the possibility of concluding agreements with the blockchain start-ups that conduct ICO, and even conducts internal listings of tokens. This is reported by Coindesk.

Speaking at the Blockchain Expo in London, Julian Gray, BP's technology director for digital innovation, said that non-financial enterprises may be more open to blockchain innovation than their competitors in financial services.

We haven't done anything with public chains yet. But that doesn't mean we won't. We have done proof of concepts using tokens internally, transferring value.

Julian Gray

Technology director for digital innovation, BP

BP needs to significantly expand its knowledge in this area, he said. Nevertheless, the company already now has a sufficient number of people who realize that blockchain, even open ones, are not only the "territory of hackers".

Gray added that although his department does not need financing, he is ready to work with other projects that have followed the path of the ICO.

Would we partner with people who are doing this stuff? Yes, I think so. Not right now, but I wouldn't be surprised if we did.

Julian Gray

Technology director for digital innovation, BP

The moderator of the meeting, Lewis Cohen, a partner of the law firm Hogan Lovells, noted that he was interested to hear these words from a representative of a company such as BP.

I have been looking at this for a long time and I don't believe in taking the view that ICOs are terrible, like we have heard from many people. However, I would stress that is my view - and not necessarily the view of BP.

Lewis Cohen

Partner, law firm Hogan Lovells

British Petroleum, also known as BP, is a international oil and gas company headquartered in London, England. It is one of the world's seven oil and gas "supermajors", whose performance in 2012 made it the world's sixth-largest oil and gas company.

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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   197

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.