The founder of TechCrunch announced the establishment of a $ 100 million XRP hedge fund

nComment: A few days ago, TechCrunch founder Michael Arrington announced the establishment of a $ 100 million hedge fund and disclosed that it will allocate the share of purchase funds to investors in XRP’s original currency. According to Fortune magazine, at present, the fund has raised half of the funds, and the fund will mainly invest in cryptocurrencies and the first digital token issuance (ICO), but may also get a small stake in blockchain startups .n
nTranslation: Clovern
TechCrunch founder Michael Arrington announced the formation of a $ 100 million hedge fund to be priced in XRP, Ripple’s original currency.n
Arrington announced at a Consensus investment conference in New York that the fund would be called Arrington XRP Capital. It is noteworthy that investors will buy the fund shares and receive a share of the allocation for the original currency of the Reuters Consensus Ledger Account (RCL) and the encrypted currency XRP, fourth of the total market capitalization.n
In a blog post published at the same time, Arrington said:n
n”I was still a crypto a year ago and now I’ve changed my career path, with a full focus on cryptocurrency and related technologies. It’s not just the point I’m focused on in the short term. That means I plan to contribute all my remaining career to Cryptocurrency and I know going through huge ups and downs along the way, but we’re ready for protracted war. “n
nThe founder of CrunchFund wrote that he and other founding partners at Arrington XRP Capital opted to price the fund in cryptocurrencies instead of legal ones to facilitate the participation of cryptocurrencies holders and foreign investors in the fund. They chose XRP because of their “fast speed and secure billing infrastructure,” and they were also adopted by financial giants like American Express.n
Arrington said that this feature is more than just a gimmick and will be an integral part of the fund’s operations:n
n”We will also use XRP to pay our own fees and salaries and we want to be ‘homegrown’ and as much as possible become an active cryptocurrency user, not just an investor, at all stages of our fund operations as much as possible Make us a better investor. “n
nAccording to Fortune magazine, the fund aims to raise 100 million U.S. dollars and has now raised nearly half its funds. The fund will invest primarily in cryptocurrencies and first digital token issuance (ICO), but may also have small stakes in blockchain startups.n
Affected by this news, XRP trading volume increased rapidly for the first time since June, breaking the $ 0.3 mark. Currently, the XRP transaction price is $ 0.286, an increase of nearly 6 percentage points in 24 hours, prompting the cryptocurrency market to reach $ 11.1 billion.n

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