Ripple (XRP) Co-founders Are Seeking Funds For Crypto Hedge Fund
Two key individuals associated with Ripple (XRP) are reportedly looking to raise capital to form a cryptocurrency hedge fund. Eli Lang and Tim Lewkow are in search of funds that will be used in a new cryptocurrency-based hedge fund called Fractal Investments.
The hedge fund plans by the two Ripple co-founders were revealed through two filings with the U.S. Securities and Exchange Commission (SEC) on January 25th and 26th. According to the filing, Lewkow and Lang plan to start a crypto hedge fund that will mainly invest in cryptocurrency assets. The firm has been in existence since the second quarter of 2017 and has been actively involved in the public through Twitter posts.
Lang has been working at Ripple since 2012 as is the former creative director of the firm while Lewkow began his tenure at the San Francisco-based firm since December 2013. He held the integration engineering manager position as his last post at Ripple before exiting as published on his LinkedIn account. None of the two filings revealed the amount of money that the two former Ripple executives were looking to raise for the hedge fund.
According to the filings, the hedge fund will feature Virtual Currency Investment Fund LP and Private Investment Fund LP as the investment vehicles that will be available. The two will be featured in Delaware although none of the filings revealed how much each investment vehicle plans to raise.
The reveal is the latest example of developments aimed at taking advantage of the rising popularity of cryptocurrency as well as the developments taking place in blockchain technology. Fractal is simply looking to leverage the growth in the cryptocurrency market. Traditional investors are also moving in the same direction. A report released about a week ago revealed that a group of former Wall Street investors collectively formed a $50 million fund aimed at investing in cryptocurrency.
Lewkow and Lang are looking to follow in the same direction as the veteran Wall Street investors. This means they will sniff out investment opportunities and analyze them before determining whether or not to invest. Meanwhile, their tenure at Ripple has given them the necessary knowledge and skill they require for their current endeavor. The Ripple platform is currently doing very well, with its cryptocurrency XRP currently ranked as one of the strongest cryptocurrencies. This is evident by its strong gains throughout 2017.