Shutterstock founder invests in Bitcoin

The founder and chief executive of Shutterstock, John Oringer, has invested in bitcoin, and his venture fund Pareto Holdings is examining opportunities in the digital-asset industry. He discussed this in an interview with Bloomberg.

According to Oringer, he bought digital gold after the May market crash. He noted that for cryptocurrencies it is an ‘interesting time’ and that these instruments are here to stay.

‘When people and businesses understand how to build blockchain-based infrastructure, that is when it will become truly interesting,’ the billionaire added.

The head of Shutterstock expects to see more decentralized platforms, including social networks and marketplaces. He emphasised that as they grow, the cryptocurrency industry will strengthen because it relies heavily on the network effect.

Non-fungible tokens (NFTs) he described as a phenomenon that allows certain innovative technologies to be legitimised, explaining why they exist and what they are for.

Oringer added that Shutterstock is also implementing NFT and studying how blockchain could influence the development of the market for buying and selling photographs and other images.

‘Ultimately, it all comes down to trust. If there is a system in which users have a reason not to trust a marketplace or mechanism, I think blockchain can fix that,’ he said.

Oringer is a cofounder of Pareto Holdings. The latter is considering investments in fintech, healthcare, Web 3.0 and blockchain. He is interested in platforms that could act as intermediaries where trust issues exist.

ForkLog reported that Oringer backed the NFT marketplace Mintable in a funding round of $13 million.

In June, Tudor Investment founder Paul Tudor Jones said that, to protect against inflation would allocate 5% of his capital to bitcoin.

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