The founder of TechCrunch and CrunchFund, Michael Arrington, announced that he was going to invest in crypto-currencies by means of a new hedge fund, called Arrington XRP Capital. As its name suggests, the fund will be managed in the XRP is Ripple, but also in other digital assets. In addition, the group also plans to launch in the ICO and the private placements.
Investment XRP is $ 100 million
According to Arrington, the hedge fund of crypo-currencies of $ 100 million already has commitments from investors for more than $ 50 million. They provide, in addition to start trading of digital currencies in the coming weeks. Other than the founder, two other partners will also take part in the adventure. There will be including the former CEO of TechCrunch, Heather Harde, and an expert in new technology, Geoffrey Arone.
Check out below the details of this announcement :
This decision to invest in the digital currency is another strong indication of how the crypto-currencies have recently become a real pillar in the Silicon Valley. They now occupy an important place in the financial world. Institutional investors are increasingly turning to this solution.
Why is XRP ?
In addition to being attached to XRP, the new fund will accept will accomplish the redemption of digital currency. All this, in spite of the fact that it does not have a commercial relationship with Ripple. Arrington has stated that Ripple is not listed among the investors. In its announcement, the founder of CrunchFund explains only the choice of XRP to its advantages over other crypto-currencies.
He said that this digital currency is a solution particularly useful due to transaction times much shorter. In the end, the founder of TechCrunch seems optimistic on the ecosystem of the crypto-currency, predicting that the market capitalization will grow from about $ 300 billion to $ 700 billion.
Source : NewsBitcoin