Billionaire hedge fund director Alan Howard has continued his crypto-commerce spending despite falling digital currency prices, with new investments in two digital asset start-ups.
Howard put the money back into Copper.co, a digital asset custody and marketing technology provider in London, as part of a $ 75 million fundraiser. The deal comes after the British billionaire announced on Thursday a $ 4 million investment in Kikitrade, an Asia-based crypto trading app.
Macro hedge fund co-founder Brevan Howard has emerged as one of Europe’s top fund managers to throw his weight behind digital currencies like bitcoin. Volatile digital currencies have gained followers among financial institutions and retail traders as prices have risen this year, before giving up a large portion of those price gains in recent weeks.
“We are very grateful for Alan’s support. His first commitment to the space sets him apart from other traditional players,” said Dmitry Tokarev, Copper’s chief executive.
Howard led a $ 25 million extension to Copper’s Series B fundraiser, which secured $ 50 million in May. Sources familiar with the deal say Howard has contributed at least $ 12.5 million, with the rest from existing investors. Its investment in Kikitrade came even shortly after the company closed a fundraising tour.
While many asset managers have expressed concern about digital currencies extreme volatility, The twin deals show that Howard’s enthusiasm for crypto has not diminished as the fizz has escaped the crypto markets.
An old supporter of digital currencies, Howard owns the cryptocurrency market Elwood. Howard gave up on the day-to-day Brevan Howard in 2019, although the company has transformed a small portion of its funds into cryptocurrencies.
Howard has joined his magnates including Peter Thiel and Louis Bacon in May to put $ 10 billion behind a new cryptocurrency exchange, Block.one. He is also an investor in Coinshares, the manager of digital digital activity in Sweden, and the custodian of crypto Komainu, which is backed by Japan’s Nomura bank.
Allen Ng, co-founder of Kikitrade, which raised a total of $ 12 million, said Howard’s support “gives us great confidence to continually innovate and lead the mass adoption of digital assets.”
Founded in 2018, Copper offers crypto custody and marketing technology to traditional asset managers and companies looking to deal with digital assets. The start-up will work with Howard’s Elwood after raising funds to work on “crypto trading technology and primary services to serve institutional investors,” said James Stickland, Elwood’s general manager.
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