British Billionaire Alan Howard to Launch $1 Bln Crypto Venture

Libra Coin News
Fri, 08/30/2019 - 06:18
Alex Dovbnya
Elwood-backed venture will mitigate the risks for big-wig investors who are willing to dabble with crypto hedge funds
Cover image via www.forbes.com
Contents

According to the Financial Times, hedge fund manager Alan Howard who has an impressive fortune of $1.35 bln is set to launch a new cryptocurrency venture that is expected to manage up to $1 bln in digital assets. The purpose of the fund is to tackle the problems related to the governance of the new asset class.

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A billion-dollar crypto bet

Last year, Bloomberg reported that Howard made a “sizeable personal investment” in crypto in 2017, and he planned to pour more of his money into different coins. The allure of the volatile asset hasn’t fizzled out since then.

Howard’s personal crypto riches are controlled by Elwood Asset Management, which is spearheaded by Bin Ren. With the help of a new platform, they will create portfolios of crypto funds for big institutional investors, which will be based on a level of risk tolerance, expected returns and liquidity terms.

I see this as a very big growth opportunity,” said Ren.

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Are crypto hedge funds safe?

As reported by U.Today, many cryptocurrency hedge funds had to close their doors in 2018 since they were not able to survive the bear market. Those ventures that rode the crypto craze in 2017 experienced an average 50 percent drop the following year.

Those hedge funds that survived the crypto winter still face problems with regulations and custody, which makes them a risky investment vehicle.

Ren claims that Elwood has already come up with a list of 50 crypto-oriented hedge funds that will be suitable for their clients.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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