A new twist in the crypto world saw the billionaire Steve Cohen seemingly developing an interest in cryptocurrencies. Cohen made headlines after making an investment in Autonomous Partners, a crypto hedge fund that caught his attention. Steven Cohen crypto investment is expected to come via Cohen Private Ventures his private investment vehicle.
Steven Cohen Crypto Investment
After spending up to three decades dealing with asset management entrepreneurship, it would appear that billionaire Steven Cohen is ready for a new venture. At least, that is what it seems, judging by his recent decision to make an investment in cryptocurrencies through a crypto hedge fund. This marks Cohen’s first crypto investment and a new interest of the known billionaire.
Steven Cohen crypto investment comes at a time when many institutional investors are considering going crypto, and joining the world of digital currencies. It also comes as a surprise, since he has always been careful when it comes to cryptos, and has never made a direct investment in order to protect his business. Now, however, he decided to invest in Autonomous Partners, a hedge fund ran by Arianna Simpson.
About Autonomous Partners
The fund originally started only last year, but ever since, it has been investing in various crypto projects that are focused on making payments faster, as well as those coins that focus on privacy. Additionally, the fund also supported companies that were dedicated to creating new financial infrastructure for future businesses.
The fund is very careful when it comes to selecting projects, and another one of their aims is to solve the problems regarding the scalability of blockchains. The most notable project that Simpson’s fund has been supporting so far includes 0x protocol, which is closely tied to a movement for exchange decentralization.
Generally, the fund has pretty strict criteria when it comes to project selection, and many have noticed that it has avoided investing in Ripple (XRP). It is believed that the reason for this is the fact that Ripple, the company, owns the majority of XRP tokens. Additionally, SEC has been struggling with Ripple lately, with discussions regarding whether XRP is a security or not, still not being resolved.
The fund has also invested in large coins like Ethereum (ETH), and even Bitcoin (BTC). While far from being a perfect choice, these investments were aimed to maintain the fund’s balance and liquidity.
This way of running a fund has caused a lot of big names to take interest in it. Those include Brian Armstrong, CEO of Coinbase Inc., Union Square Ventures, as well as David Sacks, Craft Ventures’ co-founder. Now, Steven Cohen joins that list as well.
The Crypto Sector Continues To Grow
The crypto sector, while being ignored for a long time, is now attracting more and more attention from some of the biggest names in the institutional investors’ sphere. The large majority of them is still hesitant when it comes to actually invest since the prices of cryptos are still going up and down without indication. Additionally, crypto regulations have yet to be perfected, and in some cases, even created.
Due to the lack of stable investments from these investors, hedge funds like Autonomous Partners have started appearing all around the world. According to some estimates, there are 249 crypto funds today, and up to 70% of them were started only last year.
Thanks to them, the sector has been able to advance and develop a lot during that time, and some exchanges like the Swiss Stock Exchange and Coinbase are currently announcing custodian services. the CME Group and CBOE, which are known Bitcoin futures traders, have also reported that their volumes are constantly growing.
Obviously, the crypto world is filled with activities, and the investors will join in eventually. More and more of them are seriously considering doing so sooner, rather than later. Additionally, with each of them finally joining in on the crypto party, others are getting encouraged to do the same.