The Birth of Eterna Capital
Three savvy analysts from the colossal $6.3 trillion investment behemoth BlackRock decided that enough was enough. They left the corporate world behind to embark on a noble quest: establishing a $20 million venture capital fund named Eterna Capital. This bold move, reported by Financial News, aims to shine the spotlight on blockchain projects that target some of the world’s most pressing issues.
Leadership Under Andrea Bonaceto
At the helm of this new venture is none other than Andrea Bonaceto, who previously founded HiredGrad, an online recruitment platform. Joining him on this journey are Nassim Olive, Asim Ahmad, and Mattia Mrvosevic—all ex-BlackRock employees, proving that even in a world dominated by gargantuan firms, the entrepreneurial spirit can lead to impactful innovations.
A Mission with Purpose
Eterna Capital isn’t just about making a quick buck; this fund is laser-focused on investment solutions aligned with the United Nations Sustainable Development Goals. This includes addressing critical issues like world hunger, poverty, clean water, and access to affordable clean energy. As Bonaceto passionately expressed, blockchain technology offers a range of solutions, such as:
- Disintermediating banks in underbanked countries, enabling individuals to secure loans through blockchain, eliminating the need for banks.
- Facilitating peer-to-peer solar power sales, allowing neighbors to trade energy directly without the interference of traditional energy firms.
Institutional Interest in Blockchain
Olive, one of the founding partners, emphasizes the growing institutional interest in blockchain technology gleaned from his time at BlackRock. However, he acknowledges the cautious nature of large investors when it comes to committing to a new asset class. Olive commented, “2017 was the year of Bitcoin and ICOs, but we believe 2018 is the time when blockchain and cryptos will mature as reliable asset classes that attract institutional money.”
The Challenges Ahead
While optimism runs high, Olive is realistic about the obstacles. He pointed out that major institutions are hesitant to venture into blockchain due to the associated reputation risks. As he puts it, “There’s no chance they’ll risk their image by launching a $20-100 million blockchain or crypto fund.” This environment has inspired seasoned professionals to venture out and create their own startups, bringing credibility to the blockchain scene.
More Industry Movements
The cryptocurrency landscape continues to evolve, and Eterna Capital is just one piece of the puzzle. Recently, Rachel Horowitz, a former communications expert at Spark Capital, Twitter, and Facebook, has joined the cryptocurrency exchange Coinbase as their Vice President of Communications. It’s a sign of the times—when industry greats are switching gears to ride the digital wave, traditional finance better buckle up!
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