Did someone say its getting crowded in here? Hedge funds have jumped all over the cryptocurrency bandwagon and are tripping over themselves to set up “cypto funds”. Make no mistake, we at FintekNews are HUGE proponents of these funds as born out by the fact that some big names (Mark Cuban) are getting involved. BUT, even we realize there will be a big shakeout sometime (gasp, yes. money will be lost) but the underlying theme is here to stay. Anyway, here is a list of 50 worth peaking at.
The market for cryptocurrencies is red-hot, and dozens of crypto-focused hedge funds are looking to get in on the action.
Digital currencies, such as Bitcoin, are powered by distributed ledger technology and are not controlled by a centralized authority. The market for such currencies has exploded with over 800 coins on the market with a combined marketcap of $166 billion.
Autonomous NEXT, a fintech analytics firm, released a list of 55 cryptocurrency hedge funds on Tuesday, illustrating the mounting interest in the space.
“Like wild mushrooms, crypto hedge funds have been taking root in the volatile and unregulated soil of the crypto economy,” Autonomous NEXT said in a post on their website.“So we went digging, and digging and digging,” the firm added.
Many of the firms sport crypto-themed names such as Ether Capital, an homage to the token powering the ethereum blockchain, and Medici Crypto. 1confirmation is one of the youngest funds on the list. It launched on August 22 and has the backing of tech billionaire and “Shark Tank” star Mark Cuban.
The meteoric rise of digital currencies such as bitcoin, which is up nearly 700% since 2016, and ether, which is up 3,300% over the same period, has drawn the attention of Wall Street. On top of this, the market for initial coin offering, a fundraising method based on blockchain technology, is exploding with over $1.8 billion raised via the ICOs since the beginning of the year, according to Autonomous NEXT. …”
Full Story at BusinessInsider