Billionaire trader Steven Cohen, at the time dubbed the “Hedge Fund King,” has reportedly entered the crypto area.
According to a Fortune report published July 12, Cohen has invested in cryptocurrency-focused hedge fund Autonomous Companions via his VC company Cohen Non-public Ventures.
Autonomous Companions was founded last December by Arianna Simpson, a enterprise capitalist with a history in the bitcoin area, which includes a time at bitcoin wallet startup BitGo. Her crypto fund has by now secured investments from massive names including Coinbase CEO Brian Armstrong, Union Square Ventures and Craft Ventures.
Whilst the size of the new financial commitment was not exposed, it really is not the 1st time Cohen Non-public Ventures has invested in Simpson’s jobs. In 2015, her enterprise fund, Crystal Towers Funds, also gained an financial commitment from the company.
Simpson told Fortune that Autonomous Companions is currently concentrated on smaller sized, “next era” cryptocurrencies, however it invests to some extent in important cryptos like bitcoin and ether.
She also instructed that amid blockchain’s a lot of use circumstances, two were not in doubt:
“It can be nonetheless up in the air if persons want to do a number of matter on the blockchain. We are nonetheless figuring out what requirements 1 and what would not. But It can be obvious they want to trade, and they want to play games.”
Her main problem in the nascent area appeared to be regulation – a reason she will not touch XRP in scenario the U.S. Securities and Exchange Fee procedures it a stability.
“I feel the whole area is nonetheless ready for a little bit much more clarity,” she advised the information source.
Cryptocurrency-focused hedge funds have swiftly grown in number more than the previous yr as entrepreneurs shift satisfy the expanding need from conventional investors.
According to details from Autonomous Future, of an estimated 251 crypto hedge funds with $3.5–5 billion in assets under management, 175 of them were only founded in 2017.
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