Peter Thiel, Digital Currency Group back crypto investment platform Layer1

Crypto investment startup Layer1 has raised $2.1 million in a seed funding round backed by Peter Thiel, Digital Currency Group, Jeffrey Tarrant, and others.

Based in San Francisco, Layer1 is a cryptoasset investment and infrastructure platform. It takes long-term position in cryptoassets which have “promising technologies and network effects” and then supports these projects with capital and resources. It aims to enhance the fundamental value and support the market adoption of these cryptoassets.

In its official release, Layer1 said that it particularly focuses on “programmable money and store-of-value applications”, which it believes could lead to true value creation.

“We believe that the crypto investment company of the future will look radically different to status quo, with a clear focus on an engineering-first and pro-activist investment approach,” said co-founder Alexander Liegl.

The company is currently involved in Grin, a highly scalable cryptocurrency with strong privacy features, and intends to build critical technology to support its growth. Grin is expected to launch in early 2019.