China-based Node Capital is launching a new US office with a team dedicated to allocating 200,000 ether ($90 million at press time) for blockchain startups in Silicon Valley.
The move will bring more money from Beijing into the US cryptocurrency and blockchain space for Silicon Valley innovators and developers. It comes at a time when traditional venture capitalists are figuring out how to reposition their assets and interests and find the most promising projects, as top talent flees Wall Street for these emerging fields. The goal is to build a worldwide ecosystem built on the blockchain that introduces layers of trust between parties. Token-based digital data can have more utility, functionality, transparency and efficiency than the current global financial system.
Node Capital has invested in dozens of crypto startups including crypto news outlet Jinse Finance, hardware wallet maker Coldlar, cryptocurrency exchange FCoin, decentralized mechanical turk protocol Gems, Ethereum competitor IOST and blockchain sharding platform Zilliqa.
Node is entering the North American market to generate “more blockchain unicorns.” It recently co-sponsored the Silicon Valley Blockchain Week at the San Jose Convention Center on June 26 – 27.
“Currently, there are about 50% of our projects come from North America, but not enough. We believe that the North American market will generate more blockchain unicorns,” said DuJun, founding partner of Node Capital, founder of Jinse Finance and co-founder of Huobi.
DuJun, one of the first investors in China to invest in the cryptocurrency industry, is focused on leveraging hackathons as a means to finding top talent. Node Capital will host five events in five major areas in North America: Los Angeles, New York, Toronto, Silicon Valley and Chicago. The top three teams will have a chance to pitch to Node Capital for capital investment while the winner will receive one Bitcoin.
Related: VC Giant Andreessen Horowitz Doubles Down on Crypto Investments, Expects Massive ReturnsDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix