The major cryptocurrency exchange Bitfinex who is also a partner firm of stablecoin Tether (USDT) is listing a multi-million-dollar cryptocurrency hedge fund.
On March 16 the exchange declared that it has listed Bahamas-based crypto hedge fund Fulgur Alpha, which is currently worth $280 million dollars. The fund which is only accessible to professional investor is according to the Bitfinex aims at increasing its assets under management this year.
The assets of Fulgur Alpha’s are detained at licensed crypto-asset custodian Delchain Limited along with the fund’s regulatory compliance which is ensured by Bahamas-based administration Deltec Fund Services and a division of financial services firm Deltec International Group.
Delchain Bruno Macchialli who is the executive head of operations at Delchain explained in an interview that the fund is set up in a traditional way that features risk diversification. The fund according to Macchialli is a “blueprint for institutional investment in crypto.”
How the cryptocurrency benefitted at the hedge funds?
In the month of February during its mid week, Cointelegraph reported that the first month of this year January was the best ever reported month by crypto hedge funds. In one place where in January those funds experienced a 21.15 % revenue return, in February 2020 the same funds suffered a significant loss with shedding of its 1.331% funds. This was again followed by March, the possible reason of all this is the epidemic Coronavirus which has spread across the world.
Since the onset of Coronavirus, many industries and various sectors of services have suffered a great loss in their business. The virus has completely created havoc in the markets.
However, Hedge funds which are not particularly meant for investors interested in cryptocurrencies have registered a positive response and influence when crypto assets were included. Hedge fund of famous investor Bill Miller saw over 40% increased growth in the first half of 2019. The growth of crypto currencies included a part of Bitcoin (BTC). Social Media Caption