UK hedge fund Marshall Wace is considering investing in the digital asset industry. The move would be a response to growing demand from large asset managers, the Financial Times reported, citing informed sources.
According to one, a structure with more than $50bn in assets is targeting investments in blockchain solutions, staplecoins and cryptocurrency payment systems. Marshall Wace will allegedly spin off a division with a portfolio of late-stage private companies.
FT sources claim that the hedge fund has recently been looking for digital asset specialists. The company intends to quickly develop a new line of business by mastering various financial products. In particular, Marshall Wace could potentially add cryptocurrency trading.
According to the publication, the digital asset industry-focused unit will be headed by Marshall Wace Asia CEO Amit Rajpal. The entity is also in talks with potential investors - the size of the new fund is unknown.
As the FT reports, Marshall Wace previously participated in a $440m funding round for cryptocurrency company Circle in May.
Anthony Pompliano, co-founder of venture capital firm Morgan Creek Digital, drew attention to the FT publication. Marshall Wace has made a "formal decision" to invest in the cryptocurrency industry, he said.
Marshall Wace, a $55 billion hedge fund, has officially decided to begin investing in the crypto industry. Eventually everyone will have to gain exposure to the industry.
https://twitter.com/APompliano/status/1412386449253617672
As a reminder, according to a study by fund administrator Intertrust, cryptocurrencies' share of hedge funds' net assets will reach 7.2% by 2026, equivalent to $312bn at the moment.
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