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Yale-Backed Hedge Fund Invests in Crypto Broker That Deals with Bitcoin (BTC), Ethereum (ETH) and Other Cryptocurrencies
Tagomi, the first live crypto brokerage that offers services to seasoned high-net-worth investors who deal with Bitcoin (BTC), Ethereum (ETH) and other digital assets, has raked in $28 mln during its recent funding round. The fresh set of financing was led by two crypto oriented hedge funds — Paradigm and Pantera Capital.
David Swensen’s bet on crypto
As reported by U.Today, David Swensen, the legendary investor behind Yale’s $30 bln endowment, jumped on the crypto bandwagon back in October 2018 when he invested in Andreessen Horowitz and Paradigm.
Paradigm is a hedge fund that puts money in new cryptocurrency startups. It wasn’t disclosed how much money Paradigm got from Yale, but it managed to raise a whopping $400 mln.
Luring in sophisticated investors
Paradigm’s Matt Huang is excited that the partnership is the next step in the development of cryptocurrency trading. Meanwhile, Pantera Capital CEO Dan Morehead also calls it ‘a critical step’ when it comes to improving the execution of cryptocurrency transactions for their fund.
After the successful funding round, Tagomi is expected to expand its operations in order to keep up with client demand. Notably, the startup was launched in March (when Bitcoin had already tanked), but its clients are bullish on the underlying technology behind cryptocurrencies.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.