Venture capital's ICO gambits left Bitcoin ecosystem underfunded - Adam Back
Venture capitalists have favoured ICOs in recent years, but Bitcoin-related startups are seeing renewed interest from investors. Initial coin offerings (ICOs) may have hampered the development of the Bitcoin ecosystem , with market research reflecting a massive slant towards non-Bitcoin investments by venture capital ists over the past five years. Blockstream CEO Adam Back highlighted the juxtaposition between the lack of venture investment in Bitcoin in comparison to its dominance of the total cryptocurrency market capital ization in conversation with Cointelegraph’s Joseph Hall in Lugano, Switzerland. Adam Back alongside Cointelegraph's Joseph Hall in Switzerland. Back, the inventor of Hashcash upon which Bitcoin’s proof-of-work algorithm was derived, pointed to market research published by Trammell Venture Partners which detailed venture capital flows into the ICO craze in the years following the launch of Ethereum and smart contract functionality. Back said that venture capi...