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Alternative Market Briefing

Activist crypto hedge fund Layer1 launched, backed by Digital Currency Group and Peter Thiel

Thursday, December 20, 2018

Laxman Pai, Opalesque Asia:

Layer1, a cryptocurrency investment firm, announced that it has received $2.1m in seed funding from, amongst other people, PayPal Co-Founder Peter Thiel.

The San Francisco-based company claims to have an executive team with wide-ranging experience across the tech sector including Google and Facebook and financial services industries. Using that experience, Layer1 aims to create the "crypto investment company of the future"

The firm's model has attracted big-ticket investors, including tech billionaire Peter Thiel, who joined Digital Currency Group (DCG) in backing the firm in the closing of its $2.1 million seed round, claims the company.

Led by co-founder Alexander Liegl, Layer1 takes a long-term position in cryptoassets with promising technologies and network effects, then deploys capital and resources in order to improve their fundamental value and support market adoption.

The company has a focus on programmable money and store-of-value applications, which it believes has the potential for true value creation.

"Layer1 takes concentrated bets on promising blockchain protocols and builds critical technology to support their global impact. Layer1's prominent investors affirm this approach with their participation in the company's funding," said a press release from the company.

"We believe that the crypto investment company of the future will look radically different to status quo, with a clear focus on an engineering-first an......................

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