Jan 29, 2018

Early Coinbase employee is a raising a VC fund

llustration: Rebecca Zisser / Axios

Polychain Capital, a cryptocurrency hedge fund founded by early Coinbase employee Olaf Carlson-Wee, is raising a traditional venture capital fund, per an SEC filing.

Why it matters: Fundraising via digital tokens—known as "initial coin offerings"—has been hailed as the new way for startups to get funding, but Polychain's VC fund suggests that there's still a place for traditional equity investing.

  • According to a source, Polychain's VC fund will be used to purchase equity in blockchain-related companies, as opposed to purchasing tokens (or promises of future tokens, via SAFT). All existing Polychain investors were offered a spot in this fund, said the source.
  • No target size was listed on the SEC filing.

Polychain Capital has not responded to requests for comment.

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Mass shooting in Milwaukee: What we know so far

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Milwaukee Molson Coors brewery complex on Wednesday, including the shooter, Mayor Tom Barrett told reporters at an evening press conference with local police.

What's happening: Police said "there is no active threat" just before 6 pm ET, but noted the scene remains active. Police chief Alfonso Morales told reporters that officers have "more than 20 buildings we have to secure" at the complex and they do not currently have all employees accounted for, as more than 1,000 were at the complex during the shooting.

Go deeperArrowUpdated 26 mins ago - Politics & Policy

Live updates: CDC confirms possible community spread of coronavirus

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

U.S. clinicians have found the novel coronavirus in a person who did not recently return from a foreign country nor have contact with a confirmed case, the CDC said Tuesday.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. By Wednesday morning, South Korea had the most cases outside China, with 1,261 infections. Europe's biggest outbreak is in Italy, where 374 cases have been confirmed.

Go deeperArrowUpdated 42 mins ago - Health

Trump assigns Pence to lead U.S. coronavirus response


President Trump announced at a press briefing Wednesday evening that he'll be putting Vice President Mike Pence in charge of leading the administration's response to the coronavirus.

The big picture: In the wake of a market sell-off and warnings from health officials that there's a real threat of the coronavirus spreading in the U.S., Trump sought to reassure the nation and Wall Street that the U.S. is "ready" for whatever comes next.

Go deeperArrowUpdated 2 hours ago - Politics & Policy