Paul Tudor, the American billionaire hedge fund manager is backing a new $72 million crypto venture fund launched by veteran investor Glenn Hutchins, along with his son James Hutchins and partner Travis Scher. The VC Fund was reportedly launched out of North Island Ventures, a New York-based VC firm.
The new crypto VC fund attracted investment from many veteran investors and former CEOs including former PepsiCo CEO Indra Noori, Josh Harris, the billionaire co-founder of the investment company Apollo Group; venture capitalist Geoff Yang; SoFi CEO, and Twitter COO, Anthony Noto.
The new crypto VC fund had already made seven investments up until now including the Dapper lab, the popular defi game developer behind Cryptokitties and Flow blockchain.
Glen Hutchins said that crypto is an emerging investment that would revolutionize the finance sector. He said,
“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud. It is the proverbial next big thing.”
Institutional Inflow in Crypto Has Just Started
The rising interest of veteran investors and wall street hedge fund managers in crypto is proving that the institutional inflow in the crypto space has begun. MicroStrategy CEO Michael Saylor recently revealed that NYDIG’s Ross Stevens indicated that a total of $25B institutional money could flow into bitcoin by the end of the year.
Microstrategy, a software giant with a multi-billion market cap has already invested nearly $1.4 billion in bitcoin until now which has already doubled in valuation. Apart from Microstrategy, more than 10 publically traded companies added Bitcoin to their company sheets.
The crypto market cap has already surpassed $1.1 trillion this year within 12 years of its existence and institutions are fast realizing the potential the industry hold for the financial future. With the government around the world already working towards crypto regulation and integration in their banking system, the value and demand for cryptocurrencies are only going to rise. More regulation would allow better tools for these institutions to invest in crypto in the form of private VC Funds and publically traded trust funds.
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The post Glenn Hutchins Along With Paul Tudor Launches $72M Crypto VC Fund appeared first on Crypto new media.
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