Hedge Fund Billionaire Steven Cohen Is Getting into Crypto

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Billionaire investor Steven Cohen, once dubbed the hedge fund King, would have entered crypto space. Based on a Fortune article published on July 12, Cohen has spent in a cryptocurrency focused hedge fund Autonomous partners by his VC firm Cohen Private Ventures. Autonomous Partners was set last December by Arianna Simpson, a venture capitalist with a history in the bitcoin space, including time in bitcoin wallet startup BitGo. His encryption fund has already secured investments from big names including Coinbase Chief executive officer Brian Armstrong, Union Square Ventures and Venture Companies. Whilst the magnitude of the new investment wasn’t shown, it isn’t the very first time Cohen Private Ventures invested in Simpson’s projects.

In 2015, her partnership fund, Crystal Towers Capital, also received an investment from the company. Simpson told Fortune that Autonomous Partners are currently concentrated on smaller, next generation cryptocurrencies, even though it adheres to some degree in major cryptos like bitcoin and ether. She also suggested that among blockchain many cases of use, two weren’t in doubt: It is up in the air if people want to make a number of item on the blockchain. We are still figuring out what requires one and what doesn’t. Nonetheless, it’s clear they would like to trade, plus they would like to play games .

Her primary concern from the nascent space appeared to be a regulation – a reason she’ll not touch XRP in case the U.S. Securities and Exchange Commission rules it a security. I think that the whole space is still waiting for a little more clarity. She told the news resource. Cryptocurrency focused hedge funds have rapidly grown in number over the last year as entrepreneurs move satisfy the growing demand from traditional investors. Based on data from Autonomous Next, of an estimated 251 crypto hedge funds with $3.5-5 billion in assets under management, 175 of them were just established in 2017.

U.S. Dollars picture via Shutterstock. The leader in blockchain information, CoinDesk is a media outlet that tries for the greatest journalistic standards and complies with a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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