{"id":64464,"date":"2018-07-02T00:00:49","date_gmt":"2018-07-02T07:00:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=64464"},"modified":"2018-10-07T04:03:49","modified_gmt":"2018-10-07T11:03:49","slug":"union-square-ventures-blockchain-might-be-worth-trillions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/union-square-ventures-blockchain-might-be-worth-trillions\/","title":{"rendered":"Union Square Ventures: &#8216;Blockchain Might Be Worth Trillions&#8217;"},"content":{"rendered":"<p>Despite market sentiment falling, major financial firms are joining the cryptocurrency sector at a greater pace than ever before. Reported on June 29, 2018, Union Square Ventures plans to invest in blockchain and cryptocurrency-related businesses over the next 10 years.<\/p>\n<h2>Plans to Invest Without Dedicated Fund<\/h2>\n<p>Initially reported on <a href=\"https:\/\/www.cnbc.com\/2018\/06\/29\/union-square-ventures-is-doubling-down-on-crypto.html\">CNBC<\/a>, Union Square Ventures plans to make long-term investments in the potential trillion-dollar blockchain industry over the next 10 years. Still cautious in the nascent sector, the New York-based firm has yet to start a dedicated crypto fund.<\/p>\n<p>While prevailing bear markets push retail investor sentiment to lows, it seems institutional capital is taking the opportunity to get in for the long term.<\/p>\n<p>Managing partner at Union Square Ventures, Albert Wenger told <a href=\"https:\/\/www.cnbc.com\/2018\/06\/29\/union-square-ventures-is-doubling-down-on-crypto.html\">CNBC<\/a>:<\/p>\n<blockquote><p>\u201cInvestors are rationally pouring a lot of money into this sector, because I think people are seeing the winning blockchain here might be worth a trillion, or a couple of trillion dollars.\u201d<\/p><\/blockquote>\n<p>Expressing a similar sentiment to Apple Co-founder Steve Wozniak, Wenger made clear that the firm was still very wary of the ICO fervor resemblant of the 90's dot-com bubble. However, Wenger also admitted that projects to emerge out of these early stages in the sector will prove both significantly impactful and lucrative.<\/p>\n<blockquote><p>\u201cCertainly, for any one particular project there's an extremely high chance it won't work. As a result, if it works, the rewards will be very high.\u201d<\/p><\/blockquote>\n<p>Wenger denounced projects that used ICO funding to accrue large sums without substantiated product concepts, stating that the success of an ICO is not a determinant of true value:<\/p>\n<blockquote><p>&#8220;The amount you've raised in an ICO or in a traditional way in this space is not going to turn out to be a great predictor of success. Very interesting projects are also being pulled off on a lot, lot, lot less money.&#8221;<\/p><\/blockquote>\n<p>It's becoming evident that the speculation fueling a once-free reign industry is coming to an end and being replaced by legitimate market forces.<\/p>\n<figure id=\"attachment_63299\" aria-describedby=\"caption-attachment-63299\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-63299\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/crypto-fund-social-300x158.jpg\" alt=\"\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/crypto-fund-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/crypto-fund-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/crypto-fund-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/crypto-fund-social.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-63299\" class=\"wp-caption-text\">Related Article:\u00a0<a title=\"Andreessen Horowitz Launches $300 Million Crypto Fund\" href=\"https:\/\/cryptoslate.com\/andreessen-horowitz-launches-300-million-crypto-fund\/\">Andreessen Horowitz Launches $300 Million Crypto Fund<\/a><\/figcaption><\/figure>\n<p>On June 26, Silicon Valley investment powerhouse <a href=\"https:\/\/cryptoslate.com\/andreessen-horowitz-launches-300-million-crypto-fund\/\">Andreessen Horowitz<\/a> launched a $300 million &#8220;all weather&#8221; crypto fund and revealed they've been investing in cryptocurrencies for the past 5 years.<\/p>\n<p>As more funds join the sector, it's likely that worldwide adoption and application of cryptocurrencies will start to come into place.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite market sentiment falling, major financial firms are joining the cryptocurrency sector at a greater pace than ever before. Reported on June 29, 2018, Union Square Ventures plans to invest in blockchain and cryptocurrency-related businesses over the next 10 years. Plans to Invest Without Dedicated Fund Initially reported on CNBC, Union Square Ventures plans to [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":64503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,35372],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Union Square Ventures: &#039;Blockchain Might Be Worth Trillions&#039;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/union-square-ventures-blockchain-might-be-worth-trillions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Union Square Ventures: &#039;Blockchain Might Be Worth Trillions&#039;\" \/>\n<meta property=\"og:description\" content=\"Despite market sentiment falling, major financial firms are joining the cryptocurrency sector at a greater pace than ever before. Reported on June 29, 2018, Union Square Ventures plans to invest in blockchain and cryptocurrency-related businesses over the next 10 years. 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