ConsenSys, a company that develops apps and tools based on Ethereum, has launched a $50 million venture capital fund that will provide pre-seed and seed capital to blockchain technology startups. It will be led by Kavita Gupta, while ConsenSys founder Joe Lubin (also co-founder of Ethereum) also will be involved.

Gupta, who most recently worked on mission investing for Eric Schmidt's family foundation, tells Axios that she doesn't believe the advent of ICOs should result in the depreciation of traditional venture capital:

There is still value to due diligence and even if two PhD kids have sold tokens based on a brilliant white paper, they still have to figure out how to deliver a company. That's not necessarily something they have experience doing."

ConsenSys Ventures — which has not taken outside capital — will back startups that both do and don't plan to eventually offer digital tokens. It hasn't closed any deals yet, but does have three term sheets out.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 20,620,847 — Total deaths: 748,416— Total recoveries: 12,770,718Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 5,197,000 — Total deaths: 166,026 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.

Bob Woodward's new book details letters between Trump and Kim Jong-un

Bob Woodward during a 2019 event in Los Angele. Photo: Michael Kovac/Getty Images

Journalist Bob Woodward has obtained "25 personal letters exchanged" between President Trump and North Korean leader Kim Jong-un for his new book, "Rage," publisher Simon & Schuster revealed on Wednesday.

Details: In the letters, "Kim describes the bond between the two leaders as out of a 'fantasy film,' as the two leaders engage in an extraordinary diplomatic minuet," according to a description of the book posted on Amazon.

Dozens of Confederate symbols removed in wake of George Floyd's death

A statue of Confederate States President Jefferson Davis lies on the street after protesters pulled it down in Richmond, Virginia, in June. Photo: Parker Michels-Boyce/AFP via Getty Images

59 Confederate symbols have been removed, relocated or renamed since anti-racism protests began over George Floyd's death, a new Southern Poverty Law Center (SPLC) report finds.

Why it matters: That's a marked increase on previous years, per the report, which points out just 16 Confederate monuments were affected in 2019.