Apple Inc. (AAPL) co-founder and bitcoin proponent Steve Wozniak, popularly known as Woz, has announced that he will be working with investment-focused cryptocurrency startup Equi Capital, according to NullTx. (See also: Steve Wozniak: Bitcoin Scammer Stole My Cryptocurrency.)
The noted tech guru has been a big fan of the blockchain technology that underlies cryptocurrency. This will be his first direct involvement with a cryptocurrency firm. While Wozniak did not reveal his precise role at the startup, he goes on to say that the initiative will be based in Malta, and the launch is expected around the time of Malta’s blockchain conference scheduled for early November. Drawing parallels between some countries being “very positive” about a particular technology, like electric vehicles, Wozniak justifies the selection of Malta for its favorable policies toward blockchain and cryptocurrency ventures.
Equi's Checkered Past
Equi Capital aims to act as an investment firm and attempts to make investing in company equity more accessible for retail investors in an effort to replace traditional investing firms. It has a blockchain platform called EQUI blockchain. The project uses a hybrid structure to combine venture capital-style funding and crowdsourcing, thereby paving the way for participants to invest the native Equi tokens in select ventures through the platform. However, Equi has had a rough ride so far. It launched its token through the standard initial coin offering (ICO) process, but failed due to a lack of interest and missed targets. It reportedly led to the sale getting canceled and refunds being issued to pre-sale investors. It will be interesting to see how Wozniak’s participation shapes the evolution of the venture.
Explaining the working of Equi, Wozniak was quoted as saying, “Our approach is not like a new currency, or something phony where an event will make it go up in value. It’s a share of stock, in a company. This company is doing investment by investors with huge track records in good investments in things like apartment buildings in Dubai. We have one person in our group who has listed out a whole apartment building for bitcoin.” (See also: Steve Wozniak Sold All His Bitcoin: Bought It At $700.)
While Wozniak remains a strong supporter of bitcoin, calling it the “digital gold,” he is equally excited about ethereum and believes that its use of will be similar to that seen on Apple as thousands of applications can be launched on the platform. “Ethereum provides the tools for a blockchain application of your own… I see more people using Ethereum that way,” Wozniak concluded. (See also: Ethereum Could Be the Next Apple: Steve Wozniak.)
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.