Polychain Capital reportedly gets funding for venture fund

Posted 31 January, 2019

The large crypto fund Polychain Capital headquartered in California managed to attract $175 million for its venture capital fund project. The new business will have a 7-year withdrawal restriction, while the received funds will go to buying a stake in cryptocurrency bad projects.

Polychain was the first hedge fund to enter the crypto industry back in 2018 with assets management reaching more than  $1 billion. Nevertheless, the bullish markets and lower profitability of such funding mechanisms as ICO force a lot of companies adjust their business development strategies, focusing on venture investments.

According to media reports, the Eurekahedge Crypto-Currency Hedge Fund Index data shows that 42 crypto hedge funds have been closed since early 2018, with some 740 funds being operational now. The revenue of the latter, however, declined by 70% over the past year.

Polychain Capital CEO Olaf Carlson-Wee notes that such assets have always been highly volatile. Their developments have been uneven all the time, with surges followed up by plunges. He believes that investors should no longer rely on quick profits like when ICOs were on the rise and recommends to think more over long-term investments

According to the available data, the year of 2018 saw the birth of 125 venture and 115 hedge funds. Notably, this was the first the number of venture funds was higher.

Meantime, the Diar report shows that over Q1-Q3 2018, venture capital investments in crypto startups and blockchain amounted to $3.9 billion, up 280% year-on-year. 

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31 January, 2019 14:13

← BitGo announces launch of bitcoin-backed Wrapped Bitcoin token on Ethereum

The new crypto hybrid token based on ERC-20 standard has been launched today. The new token is said to be a stablecoin with bitcoin backing. The new token is said to be a stablecoin with bitcoin backing. The total number of the companies that took part in the launch amounted to 26 partners and 15 decentralized autonomous organizations. BitGo will provide its leading custody solution for secure keeping of the new token.

BitGo announces launch of bitcoin-backed Wrapped Bitcoin token on Ethereum

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31 January, 2019 12:18

US dollar trims gains after US Fed meeting →

On Thursday, the US dollar is losing grounds affected by the results of the first US Fed meeting in 2019. The US dollar index decreased by 0.15% today. The euro to US dollar exchange rate was at $1.1495, while the yesterday's trading was closed near $1.1480. The greenback weakened vs the Japanese yen with the rate staying at 108.55 (109.04 earlier). The sterling strengthened against the dollar to some $1.3144 ($1.311 earlier).

US dollar trims gains after US Fed meeting
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