Crypto investment firm Layer1 on Wednesday said it has received $2 million in seed funding from PayPal creator Peter Thiel. The San Francisco-based company says its leadership team has extensive experience in both the technology and financial services sectors.
One of the leaders, co-founder Alexander Ligl, recently worked on creating a platform for recognizing fraudulent activities on behalf of tax agencies.
We believe that cryptocurrency investment companies will look completely different in the future. Cryptocurrencies, as open-source protocols, provide unprecedented opportunities for companies like Layer1. And they are significantly different from the opportunities presented by the traditional asset class.
Peter Thiel wants to make “category-defining investments in cryptocurrency companies,” according to the report. Representatives of Layer say they will develop open source protocols.
The firm is currently involved in the development of the private cryptocurrency Grin, and also intends to create technology to support its growth. According to the developers, this cryptocurrency, which should be released in early 2019, is highly scalable and has a high level of privacy.
The organization received investment not only from Thiel, but also from Jeffrey Tarrant, one of the first investors in the MIT Media Lab Bitcoin Developer Fund. Tarrant is the co-founder of the investment firm Protege Partners, where Alexander Liegl interned in 2016.
According to financemagnates.com
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