Cryptocurrency hedge funds somehow manage to thrive even amidst the ongoing market crash. New crypto-oriented funds appear as the leaders in this crypto business niche continue their expansion, according to Business Insider.
BlockTower’s succeeds against all odds
Case in point: BlockTower Capital. The leading Stamford-based cryptocurrency investment firm spearheaded by Goldman Sachs alum Matthew Goetz has expanded its staff to 13 people and now operates two offices. The firm’s impressive growth proves that the market bears haven’t managed to put crypto hedge funds out of business.
It was revealed that Goetz, former investor manager at Goldman, had hired Expa’s Eric Friedman. Friedman will be responsible for implementing the company’s venture strategy. A couple of high-profile traders, including Steve Lee from Goldman Sachs and Siyu Dai from Bank of America, are also on the team.
Andreessen Horowitz is one of the big-name investors who put their money in this firm. Meanwhile, Ari Paul, another co-founder of BlackTower Capital, has also shown interest in a new crypto-project Caspian. It was initially reported that BlackTower was among Caspian’s pre-sale investors, but the correction appeared, which states that BlackTower is a partner in the project.
The developing world of crypto funds
Yes, crypto-oriented funds still declined by almost 54 percent after they rapidly started to pop up in 2017. On the flip side, there are still 96 new hedge funds in 2018 (so far).
As U.Today reported earlier, cryptocurrency investment giant Pantera Capital has also witnessed amazing growth in 2018, opening its third venture fund that is poised to raise a whopping $175 mln. On top of that, Golden Gate, a Singapore-based venture capital giant, also made headlines after opening a $10 mln cryptocurrency investment fund.