Cryptocurrency exchange Binance has made a strategic investment in Multicoin Capital, a cryptocurrency & blockchain investment firm, according to a press release shared with iHodl. This is Binance's the very first investment in a cryptocurrency-focused hedge fund.
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While the amount of investment remains unknown, Binance says it plans to collaborate with the fund more closely to explore new avenues as institutional interest grows beyond bitcoin (EXANTE: Bitcoin). Binance CEO Changpeng Zhao notes the fund has developed a "keen eye" for identifying emerging projects and anticipating disruptive innovations that impact public markets.
"Multicoin Capital has been instrumental in some of the biggest success stories in crypto," the Binance CEO added.
The cryptocurrency hedge fund already attracted attention of Ribbit Capital, Union Square Ventures, Marc Andreessen, and David Sacks.
Earlier, iHodl reported that Goldman Sachs is restarting its cryptocurrency trading desk as hype on the market becomes more obvious. The US bank tried to launch the cryptocurrency desk back in 2018, but had to put on hold plans due to regulatory uncertainty over the cryptocurrency market.
Meanwhile, Pantera Capital, a cryptocurrency hedge fund, which hodls over $1 billion in assets under management, previously announced its plans for rolling out a new fund aimed at institutional BTC investors. The Pantera Capital CEO. Dan Morehead, said the launch of the new fund could take place in "the next few months."
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