Mike Novoglutz, known as the founder of Galaxy Digital, is reporting to establish a cryptocurrency hedge fund contrary to the recent bear market .
Many major cryptocurrency funds were founded in early 2018 when the price of Bitcoins peaked and many are forced to close down due to the subsequent decline.
Many of the funds founded in 2018 concentrate at the beginning of the year, accounting for a quarter of the total in January alone.
However, Business Insider reported that the top of the research firm of the cryptocurrency fund commented that “the number of projects launched in 2018 does not reflect the current situation in character” .
On the other hand, the number of founded funds is larger than the closed number, and the investment in the virtual money fund worldwide has increased by 10 billion dollars (about 1.1 trillion yen).
Mike Novo Glutz is expected to set up a fund of about 250 million dollars (about 27.4 billion yen) after finishing the fund raising round which began at the beginning of the new cryptocurrency fund last March. It is reported that the fund will be established under the aim of supporting the growth of startup companies.
Article Source: Business Insider, Markets Insider
Is not it quite a challenge to establish a fund at this time?
Author: kaz 【Coin Desk News】 – Source Post: https://crypto-times.jp/novogratz-to-start-crypto-fund/
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