Two of the former employees form the company Ripple, who produced the popular coin of the same name, have reportedly been raising money as of recently to help form a new hedge fund based on the price action of the coin. Looking at two filings made with the U.S. Securities and Exchange Commission, Tim LewKow and Eli Lang have been seeking the funds to back their new company known as Fractal Investments. The company invests across the board in several different crypto related assets.
The company dates back to the summer of last year, which has maintained publicity primarily through the use of their twitter account. Lang has and is the creative director for Ripple, working for the company since back in 2012. Lewkow worked for Ripple since December of 2013, serving as the integration engineering manager. According to the report, the filings show that “Fractal: Virtual Currency Investment Fund I LP and Fractal: Private Investment Fund LP, both of which are incorporated in Delaware. Neither filings indicate how much money is being raised for either entity.”
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The developments show not only the drive in the industry to continue creating hedge funds based off of different currencies, but that many different large financial entities have a high amount of interest in creating these types of businesses. Fractal has been working to grow and invest in the ecosystem of digital assets, which seems to be quite popular in recent times. They are not the only ones who have decided to get involved in the digital asset world, as many, more traditional investors have also tried to get involved in the space. Given that the industry is so new, only time will tell what happens to the majority of these businesses.