What do a superstar rapper, a college football coach and the No. 1 name on Fortune’s 2010 list of the “50 Most Powerful Women in Business” have in common?
Probably not much.
But rapper LL Cool J, former Coastal Carolina head coach Joe Moglia and former PepsiCo CEO Indra Nooyi share one important thing…
Their excitement for cryptocurrencies.
The three recently teamed up to help launch North Island Ventures, a venture capital fund that invests in companies developing crypto- and blockchain-based solutions.
They’re joined by billionaire hedge fund manager Paul Tudor Jones, billionaire Apollo Group co-founder Josh Harris and former Twitter chief operating officer Anthony Noto, among others.
“[Crypto] is the proverbial next big thing,” says Glenn Hutchins, the investing veteran who serves as North Island’s chairman. Hutchins started buying bitcoin back in 2016, when its price was only $400.
Read on to learn about some of the biggest crypto projects the fund is backing…
The Asset Class of the Future
North Island’s launch is the latest sign that cryptocurrencies are the asset class of the future.
But it also shows that investors from diverse backgrounds are eager to fund innovative new blockchain projects, paving the way for a crypto boom.
For example, the fund is investing in Dapper Labs, which created the popular CryptoKitties blockchain game in 2017.
The company’s blockchain platform, called Flow, currently has more than 500 developers working on over 100 projects. One of the most notable of these projects is NBA Top Shot, a fully licensed collectible sports game.
Some of North Island’s other investments include Axelar, which is designing a tool that lets blockchain applications and platforms communicate with each other, and Nori, a virtual marketplace for carbon removal that helps reverse climate change.
The fund has already raised $72 million. But that could just be the beginning.
“Crypto is no longer just a fringe technology movement,” says Travis Scher, the vice president of Digital Currency Group, who helps manage North Island’s investments.
How to Profit in the Crypto Space
There are plenty of opportunities right now to profit in the crypto space. That’s why LL Cool J, Joe Moglia, Indra Nooyi and others realized this is the perfect time to get in.
Investing in cryptos can be confusing, though. After all, this brand-new asset class now has over 1,500 projects that can be traded on exchanges all over the world.
Fortunately, Ian King’s Next Wave Crypto Fortunes research service provides you with the tools and insights you need to thrive in this rapidly changing market.
To find out what to expect for cryptocurrencies in 2021 and beyond — and how to profit — click here to watch Ian’s new presentation.
Assistant Managing Editor, Banyan Hill Publishing