Billionaire Alan Howard to launch billion dollar crypto startup

According to a Financial Times report, billionaire Alan Howard is looking to launch a billion-dollar cryptocurrency venture. Howard backed Investment firm Elwood Asset Management will invest in cryptocurrency hedge funds. However, details of the venture are not yet finalized.

Elwood CEO Bin Ren said that this new venture aims to help investors select quality funds and help them avoid blow-ups in a sector full of hazards. As per the report Hedge funds focused on crypto are up almost 60 percent on average since the beginning of the month.

Earlier this year Alan Howard backed firm Elwood also launched a blockchain Exchange-Trade Fund (ETF) on London Stock exchange in partnership with investment management firm Invesco. Former chief investment officer of Brevan Howard’s Systematic Investment Group, Ren said that it is hard to lose traditional assets in the real world as compared to digital assets. He also added that they so far they have identified 50 crypto hedge funds that satisfy their due diligence.

According to a report released by Elwood and PwC, crypto hedge funds charge an average management fee of 1.72 % and a performance fee of 23.5%. Ren believes that he sees this as a very big growth opportunity. He added that new platform-style product could eventually manage over a billion-dollar of assets.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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