Michael Arrington, founder of the popular website TechCrunch and renowned venture capitalist, has announced he’s starting the first hedge fund focused entirely on cryptocurrency and crypto related assets.
Arrington is a prominent and well respected figure in the technology world. Forbes magazine called him one of the most powerful people on the Internet, and in 2008 TIME magazine called him one of the most influential figures in the world. A former corporate attorney turned tech writer and venture capitalist, Arrington is now aiming for something new in the crypto world - the startup of a brand new hedge fund focused entirely on cryptocurrency.
Arrington says this new hedge fund will be dominated by XRP, which is currently the third largest cryptocurrency with a market cap of $33.4 billion as of April 23, 2018.
According to Arrington, the hedge fund will primarily be investing in cryptocurrency related companies and cryptocurrencies. Seeing as companies are already setup to take crypto, Arrington noted, “Why would anyone start a crypto hedge fund and do it in dollars? It doesn’t make any sense at all.”
When asked why he chose XRP Arrington said, “Banks use XRP to transfer money, particular across borders because it’s super fast compared to SWIFT. It’s a cryptocurrency specifically designed for large institutions to move money to a different institution in a different country super fast, super cheap, particularly bypassing SWIFT.”