Billionaire Steven Cohen called the “King of hedge funds”, investing in cryptocurrencies

Billionaire Steven Cohen called the “King of hedge funds”, investing in cryptocurrencies

It is reported that billionaire investor Steven Cohen, once called the “King of hedge funds”, entered the cryptocurrency space.

According to an article in Fortune published July 12, Cohen has invested in cryptocurrency Fund Autonomous Partners across the firm Cohen Private Ventures.

Autonomous Partners was founded in December last year by Arianna Simpson, a venture capitalist, widely known in the cryptocurrency space, including the development of a BitGo wallet. In its cryptocurrency, the Fund has already invested such major figures as the CEO of Coinbase Brian Armstrong and company Union Square Ventures and Craft Ventures.

The amount of new investment was not disclosed, but it is not the first case when Cohen Private Ventures has invested in projects Simpson. In 2015, its venture Capital Fund Crystal Towers already received money from Cohen Private Ventures.

Simpson told the publication Fortune that Autonomous Partners are currently focused on smaller cryptocurrencies “next generation”, though partly they invest in Bitcoin and Ether.

She also suggested that among the many ways to use the blockchain two certainly will succeed:

“People still want to find the blockchain a lot of new applications. Yet one thing is clear — technology is great for trading and games”

The main issue in the emerging space has become regulation — the reason why the head of the Autonomous Partners, Arianna Simpson, will not invest in Ripple as the SEC have equated the coin to securities.

Over the past year, hedge funds focused on crypto-currencies has considerably increased, since entrepreneurs have moved to meet the growing demand from traditional investors.

According Autonomous Next cryptocurrency of 251 hedge funds, 175 was created in 2017. In total, hedge funds manage between 3.5 and 5 billion U.S. dollars.

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