From BlackRock to Blockchain: A Bold Move
In a striking twist of events, three analysts traded in their comfortable positions at the colossal $6.3 trillion investment behemoth, BlackRock, to breathe life into a new venture capital fund—Eterna Capital. With a modest starting capital of $20 million, this fund is set to focus on blockchain projects aimed at tackling some of the world’s most pressing issues. And to think, they could’ve played it safe, sipping lattes in a corner office instead!
Meet the Visionaries Behind Eterna
At the helm of Eterna Capital is Andrea Bonaceto, a visionary who previously founded the online recruitment platform HiredGrad in 2014. Joining him are the dynamic trio: Nassim Olive, Asim Ahmad, and Mattia Mrvosevic. These industry veterans bring their BlackRock experience to the table, ready to invest in solutions advocating UN Sustainable Development Goals. Who knew leaving a corporate giant could lead to such monumental aspirations?
Investing with Good Intentions
Unlike your everyday venture fund, Eterna Capital has a social conscience. Their mission is to explore blockchain solutions that aim to alleviate world hunger, poverty, and access to clean water and energy. Bonaceto emphasized the potential of blockchain to disrupt traditional banking systems, particularly in underbanked regions. Imagine a world where people can secure loans without ever setting foot in a bank. Sounds like a plot twist straight out of a tech-savvy superhero movie!
Institutional Interest or Institutional Hesitation?
Olive shared insights from his experience with insurance firms at BlackRock, noting that there’s palpable institutional interest in blockchain technology. However, fear looms large. Large institutions are hesitant to toss their reputation into a high-stakes roulette of blockchain anomalies. As he aptly put it, “2017 was the year of Bitcoin and ICOs… but 2018 is where blockchain rises as a legitimate asset class.” Let’s just hope it doesn’t end up in the realm of bad investments!
The Ripple Effect on the Industry
There’s an undeniable ripple effect occurring in the industry as more professionals with institutional pedigree opt out of the traditional ladder-climbing: last month, former communications expert at Facebook, Rachel Horowitz, made headlines by taking a leap into a VP role at cryptocurrency exchange Coinbase. Like waves lapping at the shore, these moves signal a shift in mindset and approach within the financial sector.
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