Despite the crypto market losing a substantial amount of its value, crypto hedge funds refuse to give up. There are more coming up and the more established ones continue planned expansion.
Blocktower Continues Rapid Expansion
This seems to be true in the case of Blocktower Capital, a crypto hedge fund launched last year by Matthew Goetz, a former Goldman Sachs investment manager. The firm has opened a second office in New York and added its staff members according to a person who works in the firm.
The crypto hedge fund which is headquartered in Stamford, Connecticut has now a total of 13 employees. This is an addition of five new staff members given that the number of employees at the start of the year was eight.
This expansion coupled with the increasing number of crypto-based hedge funds that are coming up shows that this year’s market slump has done little to wipe out the interest in digital tokens. But, the funds are down 52 percent this year according to Eurekahedge cryptocurrency hedge fund index.
According to Crypto Fund Research, last year’s crypto boom saw 156 hedge funds launch compared to only 96 this year.
Jessica Schaefer who is the spokeswoman of BlockTower Capital has confirmed the office growth and staff expansion rumors.
One of the latest staff additions is Eric Friedman who joins BlackTower from Expa, a startup incubator. He will lead the firm’s new venture strategy according to the person. Adding that the venture capital fund will have the ability to invest in various startups’ equity and digital tokens.
Other additions include Corey Miller who has joined from Scout Ventures, a venture capital firm, Siyu dai, who was an algorithm developer and quantitative trader at America Merrill Lynch and Steve Lee, a former Goldman Sachs trader.
Matthew Goetz co-founded BlockTower with Ari Paul who at the time was in charge of overseeing risk at the endowment investment office at the University of Chicago.
The crypto hedge fund also has prominent investors in Andreessen Horowitz and Union Square Ventures according to a previous report by Bloomberg.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology