Peter Thiel-Backed Investment Fund 1Confirmation Raises $45 Million

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Crypto investment fund 1Confirmation, backed by tech billionaire Peter Thiel, has raised $45 million for its second fund.

Following the raise, 1Confirmation has over $75 million in assets under management for investing in new projects in the crypto industry, the firm’s founder Nick Tomaino announced on Sept. 25.

San Francisco-based 1Confirmation is one of the earliest crypto investment firms that have high-profile backers such as PayPal co-founder Thiel, billionaire investor Mark Cuban, Andreessen Horowitz’s co-founder Marc Andreessen, and global private equity fund-of-funds Horsley Bridge, the post notes.

$60 million initially projected: report

Tomaino, a former employee at major United States-based crypto exchange and wallet service Coinbase, declined to provide the entities of investors in the new fund in an interview with Fortune.

However, he said that it includes a lot of his initial investors. Tomaino added that the crypto industry is still waiting for a mainstream application beyond speculation. However, the adoption of crypto for savings and lending is gaining momentum, he added.

In January 2019, the Wall Street Journal reported that 1Confirmation initially projected to raise $60 million for its second fund.