Tech mogul Michael Arrington announces Ripple hedge fund
Michael Arrington, the founder of TechCrunch, has announced the launch of a hedge fund consisting of Ripple's XRP cryptocurrency. Investors who buy shares of the $100 million fund will receive distributions in XRP, according to a report by Fortune.
Arrington plans to use the fund to invest in digital assets, initial coin offerings and startups. He said that while the fund is high risk, he is very excited about the project.
"Some people think this is crazy and that we’re on the edge of a bubble-bursting meltdown in cryptocurrencies values. After all, a year ago the total market value of all cryptocurrencies was just shy of $14 billion. Today it’s over $300 billion," Arrington said in a blog post. "'This is the time for everyone to get the hell out of cryptocurrencies!,' many people argue, 'Not jump in with both feet.' Others, however, argue that we're just getting started in crypto. I’m one of those people."
So far, the fund has raised 50 percent of its investment target, according to the report.