BlockTower, a cryptocurrency hedge fund, raised $ 140 million

nBankruptcy comment: According to Bloomberg News sources, informed sources were informed that blockTower Capital, a digital currency hedge fund founded in August last year, raised $ 140 million and hired a former vice president of Goldman Sachs Group Inc. as its strategic partner. Head of Business Development. Both Union Square Ventures LLC and Andreessen Horowitz have confirmed their participation in the company’s financing, but did not comment further, and the company spokesman did not comment further.n
nTranslation: Clovern
According to people familiar with the situation, blockTower Capital, a digital currency hedge fund founded in August last year, raised $ 140 million and hired a former vice president of Goldman Sachs Group Inc. The team has expanded to eight.n
According to people familiar with the situation, the funding firm headquartered in Stamford, Conn., Has been financed by a number of family offices and venture capital firms.n
Union Square Ventures LLC and Andreessen Horowitz said they are also involved in the investment, but declined to comment further. BlockTower spokesman also did not comment on this. According to an email from Bloomberg News, the company informed investors that its flagship fund has stopped accepting new funding.n
BlockTower said in a statement released Thursday that the company hired Michael Bucella as strategic partner and head of business development. Michael Bucella joined Goldman Sachs in 2008 and worked in multi-asset sales in Canada before joining BlockTower. Not long ago, Bloomberg also reported on the appointment.n

BlockTower was founded with a strong interest in the cryptocurrency market and was driven by explosive Bitcoin growth (bitcoin prices soared from $ 1,000 at the end of 2016 to $ 18,674 in December). A report by Morgan Stanley on December 18 shows that there are currently about 100 cryptocurrency-based funds with total assets of more than 2 billion U.S. dollars, and this figure is expected to see more growth this year.n
While skepticism about the market value and regulation of cryptocurrencies still exists, institutional investors find it easier to speculate with thousands of digital tokens. Last month, Cboe Global Markets Inc., one of the world’s largest regulated exchanges, started offering bitcoin futures contracts, while Goldman Sachs is the firm that liquidates certain clients one.n
Hedge fund research firm also launched an index tracking fund last month that invested in blockchain technology and cryptocurrencies, according to the company, which said that its fund investment has risen by 1,500% by November. In the meantime, the company said in a press release that another currency-only index rose by 1,600% over the same period.n
BlockTower was founded by Matthew Goetz, a former engineer with 11 years in investment management at Goldman Sachs and Ari Paul, a portfolio manager in risk management at the University of Chicago’s pension investment office, with Goetz as chief executive and Paul as chief investment officer.n

Leave a Reply

Your email address will not be published. Required fields are marked *