Polychain Capital, a cryptocurrency asset manager, has raised $10 million in a Series A funding round led by Andreessen Horowitz and Union Square Ventures. The round brings Polychain’s total funding to $15 million. The company bills itself as a “crypto hedge fund,” and the new funding will be used to invest in blockchain-based companies. Polychain, which is based in San Francisco, was founded in 2017 by Olaf Carlson-Wee and Justin Drake, who previously worked at Coinbase and Google.
Cryptocurrency market volatility is on the rise. And while a large majority of the coins have seen their value skyrocket in the past year, a few have bucked the trend. One such coin is Tether, which has seen its value grow by more than 2,000 percent since the start of 2017.
cryptocurrency asset manager CoinShares has just closed its latest round of funding, with $10m (€8m) in a Series A investment round. The firm has been profitable for the last few quarters and is said to be ahead of its plan to launch its ‘digital bank’ (see below), but it is still losing money. The firm has raised $40m since its founding in 2014, according to TechCrunch, and it plans to use the new investment for talent and expansion.. Read more about future of cryptocurrency 2021 and let us know what you think.
Cryptocurrency and digital asset manager Valkyrie Investments, which actively supports bitcoin ETFs, recently closed a Series A funding round. In the round, the company received $10 million from a number of key industry players.
Charlie Lee, a member of the original Litecoin team, and institutional investors such as XBTO, BTC Media, UTXO Management, Consolidated Trading and 10X Capital participated in the round – demonstrating that the industry is looking for functional and profitable opportunities in companies. C.J. Wilson, a former Major League Baseball pitcher, and Justin Sun are also big names in the business.
Cryptocurrency and the affordable future
Leah Wald, CEO of Valkyrie Investment, stated: We believe cryptocurrencies and digital assets are changing the way people view, use and invest their money. Our goal as a company is to help broaden access to the opportunities they offer to a wider audience in a manageable, research-based way that ultimately provides best-in-class products to all types of investors.
Stephen McClurg, chief investment officer at Valkrie, supported the idea that cryptocurrencies have an exciting future ahead of them, even though the market can be volatile and uncertain. Investors seem more interested in a long-term profit opportunity than a short-term temporary deal. By offering a platform for managing digital assets such as bitcoin, polka dot and others, Valkyrie – and its new supporting investors – has the ability to offer clients a strong position when the market picks up. As McClurg noted:
It’s an exciting time to be in the crypto-currency markets….. The [demand] for our products was high, demonstrating that despite the turbulent year in the markets, many family offices, investors and others still believe in the long-term potential of digital assets and see an opportunity to position themselves for success in the next bull market cycle.
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