Europe’s hedge fund manager is making a record launch of a cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. fund, it reported Blockworks.
- Brevan Howard raises more than USD $1 billion for crypto fund.
- It is the largest crypto commitment from a traditional finance asset manager.
- The news follows an announcement by asset management giant BlackRock.
After BlackRock another asset management giant is taking a firm step into cryptocurrencies.
Brevan Howard Asset Management , a major company European management hedge fund, is launching a giant cryptocurrency fund. According to a report from Blockworks The firm raised a record $1 billion-plus for its digital asset-focused vehicle.
The publication, which consulted four sources with knowledge of the matter, revealed that BH Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. the cryptocurrency and digital assets arm of Brevan Howard has a capacity of up to USD $1.5 billion which would position it as the largest crypto fund launch, and one of the largest crypto commitments, by a traditional financial asset manager.
Despite the prolonged turmoil in the digital currency currency is a medium of exchange that defines value. market, the fund has posted a remarkable performance that outperforms others in the competition, according to one of the people familiar. The combined vehicle, Brevan Howard Digital Asset Multi-Strategy Fund lost between a meager 4% and 5% from inception to the end of June, the company reported. Blockworks .
The performance comes after the dramatic implosion of Earth, the insolvency situation among crypto lenders and other companies in the industry and the broader price drop in the market. “ Their yields, relative to the market, are incredible. “One of the sources, who preferred to remain anonymous, commented on the matter.
The biggest crypto-fund launch
The record-breaking fundraising, which came from institutional investors, is not isolated, since Brevan Howard has been striving to grow its cryptocurrency strategy. Its digital assets division has grown to more than 60 employees, up from 25 in January, according to the report. It also has more than 20 specialized external engineers. Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. who work full time.
BH Digital helps investors such as sovereign wealth funds, pension funds, foundations and endowments gain exposure to digital currencies, explains The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain..
Brevan Howard Digital Asset Multi-Strategy Fund remains open to outside capital, pursuant to a minimum check of USD $5 million. Its limited partners include several of the world’s largest and most sophisticated hedge fund investors, including entities that have historically exclusively backed traditional financiers, he adds. Blockworks.
The 20-year-old European management giant has not provided an official report on the fundraising. The move comes shortly after BlackRock the world’s largest asset manager, announced on Thursday that it will begin offering a range ofservicios de criptomonedas a sus clientes institucionales en alianza con Coinbase is an American company that operates a cryptocurrency exchange platform. .
In recent times, Brevan Howard has been growing to transform itself from a hedge fund management firm into a broad asset management firm. As of May, it traded about USD $22 billion overall across a wide range of asset classes, according to a article de Bloomberg .
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Article by Hannah Estefania Perez / DiarioBitcoin
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