Bain Capital and Andreessen Horowitz Confirm Investment in New Cryptocurrency Basecoin

Basecoin will be created by three Princeton University computer science graduates.

Bain Capital Ventures and Andreessen Horowitz have participated in the pre-sale of a new cryptocurrency called basecoin, the companies have confirmed.

Basecoin will be created by three Princeton University computer science graduates, according to Intangible Labs chief executive officer and co-founder Nader Al-Naji on Friday.

Related: Bitcoin Is Now Bigger Than Goldman Sachs and Morgan Stanley

Intangible Labs is the creator of basecoin. It’s one of many blockchain start-ups creating and distributing tokens to investors to raise funds for their projects. Start-ups typically hold a token pre-sale to institutional investors before opening the token offering to the public.

Aside from Al-Naji, the other founders of Intangible Labs are Lawrence Diao and Josh Chen.

Bain Capital and Andreessen Horowitz confirmed their investment in basecoin in an email to Reuters late on Friday. Digital Currency Group also confirmed its participation in the basecoin presale.

Related: J.P. Morgan Is Launching a Payments Network Using Blockchain

The other investors who invested in basecoin were Pantera Capital, AngelList CEO Naval Ravikant, PolyChain Capital, 1confirmation, and MetaStable Capital, Al-Naji said.

Those investors were not immediately available to comment.

Tech

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