Union Square Ventures: 'Blockchain Might Be Worth Trillions'

Despite market sentiment falling, major financial firms are joining the cryptocurrency sector at a greater pace than ever before.

Reported on June 29, 2018, Union Square Ventures intends to invest in blockchain and cryptocurrency-related businesses over the next 10 years.

Initially divulged on CNBC, Union Square Ventures plans to make long-term investments in the potential trillion-dollar blockchain industry over the next 10 years.

Still cautious in the nascent sector, the New York-based firm has yet to start a dedicated crypto fund.

Managing partner at Union Square Ventures, Albert Wenger told CNBC:. "Investors are rationally pouring a lot of money into this sector, because I think people are seeing the winning blockchain here might be worth a trillion, or a couple of trillion dollars."

Expressing a similar sentiment to Apple Co-founder Steve Wozniak, Wenger made clear that the firm was still very wary of the ICO fervor resemblant of the 90's dot-com bubble.

Wenger also admitted that projects to emerge out of these early stages in the sector will prove both significantly impactful and lucrative.

"The amount you've raised in an ICO or in a traditional way in this space is not going to turn out to be a great predictor of success. Very interesting projects are also being pulled off on a lot, lot, lot less money."

As more funds join the sector, it's likely that worldwide adoption and application of cryptocurrencies will start to come into place.

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