Bain Capital, Andreessen Horowitz confirm investment in new crypto-currency

Bain Capital Ventures and Andreessen Horowitz have participated in the pre-sale of a new crypto-currency called basecoin, the companies have confirmed. Basecoin will be created by three Princeton University computer science graduates, according to Intangible Labs chief executive officer and co-founder Nader Al-Naji on Friday.
Intangible Labs is the creator of basecoin. It's one of many blockchain start-ups creating and distributing tokens to investors to raise funds for their projects. Start-ups typically hold a token pre-sale to institutional investors before opening the token offering to the public. Aside from Al-Naji, the other founders of Intangible Labs are Lawrence Diao and Josh Chen.
Bain Capital and Andreessen Horowitz confirmed their investment in basecoin in an email to Reuters late on Friday. Digital Currency Group also confirmed its participation in the basecoin presale. The other investors who invested in basecoin were Pantera Capital, AngelList CEO Naval Ravikant, PolyChain Capital, 1confirmation, and MetaStable Capital, Al-Naji said. Those investors were not immediately available to comment.