17 May '13, 6pm

High-Profile VCs Caught up in Bitcoin Mania

High-Profile VCs Caught up in Bitcoin Mania

The surging popularity of bitcoin has some brand-name venture capitalists investing real money in the controversial virtual currency. Just since April, notable firms such as Andreessen Horowitz, Founders Fund, Google Ventures, Lightspeed Venture Partners and Union Square Ventures have invested $9 million in three bitcoin-related companies: BitPay, CoinBase and OpenCoin. And this week saw the launch of two dedicated bitcoin venture funds. Liberty City Ventures of New York said it set up a $15 million fund to back bitcoin and other digital currency companies. Likewise, Adam Draper, the 26-year-old son of Draper Fisher Jurvetson co-founder Tim Draper, said his Boost VC accelerator had created the Boost Bitcoin Fund in partnership with Lightspeed, Rothenberg Ventures, The Bitcoin Opportunity Fund and Ben Davenport, an entrepreneur and self-described “bitcoin evangelist.â€

Full article: http://www.pehub.com/202836/high-profile-vcs-are-getting-...

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