CoinFund, a prominent cryptonative investment firm based in New York, has announced the strategic hiring of two seasoned investors, Michael Bosworth and Kavan Canekeratne, as it prepares for a significant transformation era in the cryptocurrency landscape. The firm, which manages a combined total of $477 million across its Seed IV and Ventures I funds, is focused on investing in early-stage companies within the crypto, blockchain, and web3 sectors. CoinFund aims to nurture visionary founders and propel them to become leaders in this rapidly evolving digital economy.
Michael Bosworth joins CoinFund as a Technical Investor and brings over 15 years of experience in computer science and emerging technologies. His previous work includes significant contributions at Google, where he addressed complex data access challenges, and the creation of various technology solutions across multiple domains. Bosworth holds a Bachelor of Arts degree in Computer Science from Brown University and is expected to enhance CoinFund's technical research and due diligence processes.
Kavan Canekeratne, also newly appointed, will leverage his extensive background in blockchain investment to bolster CoinFund's strategies within its Seed and Venture divisions. Previously, Canekeratne led early-stage crypto investments at Draper Dragon, backing companies such as CARV and ether.fi. With a Bachelor of Arts in Finance from the University of San Diego, he expresses enthusiasm for blockchain's capability to innovate financial services and empower the underbanked.
These appointments are part of a broader strategy by CoinFund that has seen its workforce grow by approximately 28% in 2024, nearly doubling its investment team. The firm currently employs 11 individuals in investment roles, focusing on a diverse mix of specialists to support an expanding ecosystem of companies. As of early December 2024, the global cryptocurrency market capitalisation reached $3.79 trillion, bolstered by Bitcoin’s unprecedented price increase past $100,000. CoinFund anticipates continued regulatory advancements and positive policy shifts under the new U.S. administration, which could further invigorate the crypto sector.
David Pakman, Managing Partner at CoinFund, emphasised the firm’s commitment to investing in pioneering ideas that challenge the status quo. He noted that CoinFund is well-positioned to provide substantial seed and early venture capital while nurturing partnerships with mission-driven founders in the blockchain space. CoinFund has steadily built a diverse portfolio encompassing major investments in domains such as developer infrastructure, DeFi, fintech, and more.
Meanwhile, in a related development, David Sacks, a co-founder of venture capital firm Craft Ventures, has been appointed as the newly created "Crypto and AI Czar" by President-elect Donald Trump. This role solidifies a significant ally within the White House for the crypto and AI industries. Sacks, a former COO of PayPal and a prominent figure in Silicon Valley, will focus on developing a legal framework to provide clarity for the digital asset space, promoting a regulatory environment that could be conducive to growth.
Sacks, known for his conservative viewpoints and vocal opposition to specific political ideologies during the Biden administration, has become a key player within the Trump administration. His past experience, including the creation of successful ventures such as Yammer, positions him as a significant influence in the digital economy sphere.
The simultaneous developments within CoinFund and Sacks' appointment signal a period of heightened interest and potential shifts in the dynamics of the cryptocurrency and AI sectors, as industry leaders position themselves to navigate emerging challenges and opportunities ahead.
Source: Noah Wire Services