By JENNIFER FITZGERALDAssociated PressMay 13, 2020, 11:01:04Ethereum and its virtual currency, the Ethereum Classic, have been attracting the interest of some of the world’s biggest investors.
The cryptocurrency was created in 2015 by a group of programmers to solve a major problem in finance: the problem of fraud, and the need to create a better financial system.
The technology is decentralized and is designed to be free and open.
It is currently the fourth-most popular cryptocurrency on the market, with a market cap of $5.5 billion.
The value of the cryptocurrency has increased by more than $600 million this year.
As a result, the crypto-platform has gained a new kind of investor: some of them want to invest in it.
They are also looking to use it to make money in the future.
“It’s kind of like an IPO for the crypto space,” said David L. Friedman, chief executive officer of Genesis, a digital assets firm that raised a $50 million Series B round last year.
Genesis, which is based in New York, is one of several blockchain-focused companies that are working to become the next big investment vehicles for the tech.
While the technology is far from mainstream, some are betting on it to transform the financial services industry.
The company, which recently raised $3.4 billion, has raised more than a billion dollars in funding and raised more interest than any other startup.
Genesis also has partnerships with big tech firms such as IBM, Intel and Oracle, among others.
Its investment has drawn attention in recent weeks to the crypto markets.
Earlier this week, the U.S. Securities and Exchange Commission issued a warning about the potential for fraud on the Ethereum network.
A number of investors have been drawn to the technology, which has been used to create apps and websites for more than 30 years.
“People are trying to get into this space because of the potential that it provides,” Friedman said.
The company has already invested in a number of companies that have been trying to make use of the technology.
It is working on an app that will help consumers manage their finances.
It has also partnered with banks to offer credit cards that use Ethereum-based software.
“They have really tried to get in front of the ecosystem,” Friedman added.
He said Genesis is still looking for ways to build its business.
The startup has already made some investments in companies that could be in the financial system someday, including digital wallet company Paytm, and a cryptocurrency exchange company called Kraken.
The firm also is working with some of Silicon Valley’s largest investors, including Qualcomm Ventures, Benchmark Capital, Andreessen Horowitz and Union Square Ventures.
The money for Genesis came from investors including the Draper Fisher Jurvetson Partner, a venture capital firm.
Friedman said the firm had received $1.5 million from other investors.
Genesis said it expects to make about $200 million in the next three years.
The firm is also working with other tech companies on projects to build and sell products that use the technology for other industries.
Some of those include blockchain apps and a platform that allows people to share files and transactions with each other.
“We’re working with several different companies to make them available on the platform,” Friedman explained.
Some of those companies include BitPay, which provides bitcoin payments, and blockchain startup Ripple.
Other firms include ethereum exchange Ripple, and payment processor BitPay.
The companies have been working together on a tool that allows users to track their money and transaction history with a single app.
“I think it’s a very exciting time for the future of financial technology,” Friedman noted.