Asset managers of the world’s largest asset manager have quit in order to form a cryptocurrency hedge fund. Adam Grimsley and Michael Wong are starting a relatively small fund ($10 million). More recent hedge funds have announced initial funding of $140 million and $500 million.
Joining the pair will be Oxford-trained mathematician Nic Niedermowwe. According to Mr. Niedermowwe, “There is a myriad of issues faced by investors hoping to get into cryptocurrencies. Many don’t know how it works, how to install them, how to allocate — whether they just buy bitcoin or a range of cryptocurrencies — compliance issues while storing them securely is a big concern.”
After the US Treasury Department noted that cryptocurrencies are an insignificant portion of illicit trade and money laundering, the acceptance of cryptos has only increased.
Every day we are seeing cryptocurrencies are becoming more and more mainstream. When some of the best personnel in the asset management business move to cryptocurrencies, it’s a sign of the times. And a sign to not miss this train.