Venture Firm 1confirmation Raises $125M For Crypto Bets

Law360 (May 25, 2021, 3:25 PM EDT) -- Cryptocurrency-focused venture capital firm 1confirmation said Tuesday it had raised $125 million for its latest venture fund, which will focus on early-stage companies in the digital asset space.

Nevada-based 1confirmation fund III LP will invest in startups working with cryptocurrencies and nonfungible tokens, according to a blog post announcing the fund. Nonfungible tokens, or NFTs, are digital assets that convey ownership of an underlying work.

The NFT market has exploded in recent months, particularly in the art, music and media industries, with headline-generating auctions in which a single token can sell for millions of dollars.

The fund is built around the...

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