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Coinbase backer parlays fantasy bet into billions

Coinbase backer parlays ‘fantasy’ bet into billions Jackie Davalos Save Share Before his bet on cryptocurrency exchange Coinbase Global became a multi-billion-dollar exit, Union Square Ventures co-founder Fred Wilson compared bitcoin to science fiction. “We may be completely wrong, it may be a fantasy,” he said at a marketing conference in May 2013. That was shortly after he had invested $US2.5 million ($3.2 million) in Coinbase, the US’s biggest cryptocurrency exchange, where people can buy and sell bitcoin and other digital tokens such as Ethereum and Litecoin. Coinbase isn’t Wilson’s first foray into a nascent technology trend but it’s certainly the largest payout. His New York-based venture capital firm has invested in more than 100 businesses. 

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