Ex BlackRock Analysts to Open Blockchain Investment Fund

Eterna Capital will operate $20 000 000; it aims to attract institutional investors and will operate under the direction of Andrea Bonaceto
03 May 2018   591

Three analysts left their positions in the investment giant BlackRock, managing assets of $ 6.3 trillion, to found venture capital fund Eterna Capital with a capital of $ 20 million, which will invest in blockchain projects. This is reported by Financial News.

The company intends to attract institutional investors and will operate under the leadership of Andrea Bonaceto, who founded the HR platform HiredGrad. Bonaceto launched the fund in collaboration with Nassim Oliv, Asim Ahmad and Matthew Mvroshevichem, who previously worked for BlackRock.

Eterna Capital will invest in blockchain projects that develop solutions for the UN's Sustainable Development Goals, including hunger, drinking water and access to renewable energy.

One example is the disintermediation of banks in under-banked third-world countries, so people don’t need banks to get a loan, as the money can be held on the blockchain. Or selling solar power between neighbors, rather than relying on an energy firm, is another example of how blockchain can be used for social impact.
 

Andrea Bonaceto

Eterna Capital

Olive claims that his experience at Blackrock made him believe that institutional investors are also interested in blockchain technology.

2017 was the year of Bitcoin and [initial coin offerings] (ICOs), but we’re convinced 2018 will be when blockchain and cryptos will rise as an asset class, and when institutional money moves into this market.  No way they [large institutions] will risk the reputation risk by launching a $20-100 mln blockchain or crypto fund. This is why more people with an institutional track record are launching their own ventures.
 

Nassim Olive

Eterna Capital

Nevertheless, large investors avoid direct investments in such instruments because of the size of the market.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   234

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.