Victor Pascucci, the head of corporate development at USAA, says blockchain technology is game changer, and that he has not seen many technologies that meet this description during his nearly 20 years in the VC sector. Thus, Pascucci has stated his organization is developing a thesis on the application of the blockchain.
So far, the most involved the USAA has been in the blockchain was when it participated in Coinbase’s $75m Series C funding round in early 2015. This move, according to Pascucci, was a part of USAA’s policy of keeping pace with emerging technologies. Following this policy, the company talked with Coinbase co-founder Fred Ehrsam and Micky Malka from Ribbit Capital to discuss Bitcoin, the blockchain, and the efficiency they can foster.
From this engagement, USAA came to know that an amazing index of its members used Coinbase. They were not just one of the most active user groups, but twice as active in the size. This knowledge convinced USAA to make Coinbase one of its estimated 10 to 12 annual deals, where it invests anywhere from $1m to