Blockchain Capital has added bitcoin software developer Jimmy Song as a venture partner.
In his new role, Song, 41, will serve as a liaison between the venture firm and the blockchain developer community, support the firm’s investment research, and lead upcoming programs to foster blockchain innovation, a news release says.
“After talking to the Blockchain Capital team, I was convinced that their vision for the industry closely aligned with mine,” Song wrote in an email. “We want to see Bitcoin succeed and are committed to making that happen with the resources at our disposal.”
Spencer Bogart, who joined Blockchain Capital in February 2017 as a managing director and head of research, asked Song if he would be interested in joining the firm, Song said.
One idea the San Francisco firm is considering is launching an accelerator or incubator for blockchain startups, Song said, although “nothing is set in stone.”
The firm plans to spend the next several months listening to developers and companies in the blockchain ecosystem to determine how to best contribute to its growth.
Song’s new role will bridge two disparate ecosystems, as the blockchain developer community views the venture sector with mixed feelings. Some developers view ICOs as a path to raise funds without accepting venture investments, “while others see ICOs as very scammy, and, interestingly, have started to view venture-funded companies in higher esteem,” Song wrote.
Song currently runs Programming Blockchain, which teaches blockchain programming and development. He previously served as a principal architect at Paxos.
He will continue to work with Programming Blockchain when he joins the venture firm. “Our hope is that we can leverage the education program to further make the entire ecosystem better in new and interesting ways,” he wrote.
Founded in 2013, Blockchain Capital has raised $60 million of its targeted $75 million fourth fund, PE Hub previously reported. In April 2017, it raised a portion of its third fund through its own ICO.
Portfolio companies include blockchain-based foreign-exchange and payment platform BitPesa, identity-verification tool Civic, cryptocurrency trading platform Coinbase, and bitcoin exchange itBit.
Jimmy Song, venture partner at Blockchain Capital. Photo courtesy of the firm.
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