Michael Arrington, TechCrunch founder, has launched a new $100 million hedge fund denominated in Ripple (XRP). Mr. Arrington has announced the cryptocurrency hedge fund at the Consensus Invest conference in New York on November the 28th.
Ripple Hedge Fund
Ripple keeps expanding and legitimating itself. American Express has decided to develop Blockchain payments with Ripple, just some weeks ago. On November the 14th, dozens of Central Banks met at Carnegie Hall in New York City to discuss about the implementation of Blockchain technology alongside with Ripple.
Now, Michael Arrington has launched its hedge fund called Arrington XRP Capital.
Today, at the Consensus Invest conference in New York, I am announcing that I’m part of a team launching a new $100 million cryptocurrency hedge fund called Arrington XRP Capital. The fund has commitments for over $50 million so far, and we plan to begin trading in the next few weeks,” reads the statement.
Ripple is now the fourth most important cryptocurrency by market capitalization with $9,73 billion dollars. Bitcoin Cash, Ethereum and Bitcoin are located in the first three places by market value.
The fund will no only invest in Ripple, but also in different cryptocurrencies, ICOs and more traditional investments such as private equity offerings. While operating with XRP, investors that have experience with cryptocurrencies, do not need to change their funds into fiat. Cryptocurrency traders will avoid fees and time by using their preferred crypto exchanges.
“While we don’t have a commercial relationship with Ripple (they are not investors In our fund, for example), we are still able to use their super-fast and secure settlement infrastructure, as anyone else can. That means that non-U.S. investors in our fund will have an easier time investing in us and making redemptions later. No need to rely on ancient fiat methods for cross-border currency transfers that are slow and laden with fees,” the official statement explains.
According to Michael Arrington, 10 percent of his net worth is invested in cryptocurrencies and it will increase substantially soon. He has also expressed it support to the cryptocurrency community: “with this new fund I’m signalling my intent to spend the rest of my career on cryptocurrencies,” he said.