Millions in Minutes: How Polychain Makes Sense of the ICO Wild West

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Token fever is taking hold in Bitcoinland.

Call them ‘token sales’, ‘initial coin offerings’ or just plain ‘ICOs’, the idea that funding a new project can be as simple as creating cryptographically unique units of data, linking them to a blockchain and selling them to the public is attracting venture investors and web crawlers alike.

Yet, if there is some shape to a sometimes senseless market (where millions are raised in minutes on white papers and web pages alone), it’s being defined by Polychain Capital – one of an increasing number of ‘crypto hedge funds’ that have sprung up to buy stakes in what’s being heralded as a new asset class.

Unique to Polychain, however, is the $10m mandate its received from VC firms Andreessen Horowitz and Union Square Ventures. The message sent in the December announcement was clear – a shadowy part of the crypto world was finally being opened for business.

So, if there’s someone who knows the secret to the budding market, then Polychain CEO Olaf Carlson-Wee might be that person, or at least, the one best positioned to figure it out.

Founded in mid-2016 (shortly after Carlson-Wee left VC-backed bitcoin exchange Coinbase), Polychain has

Read more ... source: CoinDesk

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