Tim Draper welcomes variety in terms of budget blockchain and crypto startups.
A popular American serial cryptocurrency investor and capitalist, Tim Draper speculated that initial public donations, or IPOs are industry firms.
July 6, numerous investors got connected with the Unitize conference to discuss investing in initial stage blockchain startups.
Draper’s beliefs on IPOs
During the Unitize panel, Draper brought out that prevailing regulations make it hard for blockchain companies to go public. “I don’t recommend going public to anybody right now unless your company is worth at least $10 billion,” the investor said.
Draper began again that it makes more sense for blockchain entrepreneurs to strive for investment from huge funds or use some other shape of fundraising, like tokenization, for minor investments. Draper elaborated:
“The regulators made it so expensive to go public that it’s really not worth it […] The largest investments are coming from those large funds, and that tends to be an easier way to get your money than trying to go public.”
According to Draper, the IPO method used to be much inexpensive. Companies used to go public when they were worth “$50 million or above,” and “only $20 million in revenues.” However, today it’s not “even worth it until you have a $5 billion market cap,” the investor declared.
Also shared few words
“If we keep backing these extraordinary entrepreneurs whoever they are, whatever they may come, we are gonna improve the world. It’s the way I look at it. I say come with whatever history you have, whatever background, whatever religion, whatever race, whatever sex, we are interested.”
“What we look for is big ideas, big markets, where an entrepreneur has a lot of passion for what they do,” the investor noted. By supporting variety, Draper reiterated a growing diversity trend in the industry. Some experts think that the crypto industry has started to feature more variety than many other tech ecosystems.
Unitize is the first-ever online conference organized by BlockShow and San Francisco Blockchain Week. Scheduled to take place from July 6 through July 10, the event features major industry players including Ethereum co-founder Vitalik Buterin and Binance CEO Changpeng Zhao.