Coinbase backer parlays âfantasyâ bet into billions
Jackie Davalos
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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.
âWe may be completely wrong, it may be a fantasy,â 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 USâs biggest cryptocurrency exchange, where people can buy and sell bitcoin and other digital tokens such as Ethereum and Litecoin.
Coinbase isnât Wilsonâs first foray into a nascent technology trend but itâs certainly the largest payout. His New York-based venture capital firm has invested in more than 100 businesses.Â