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Cryptocurrency firm Hypersphere announces $130 million fund, seeks venture capital expansion
Cryptocurrency VC firm Hypersphere has launched a fund with $130 million in assets under management (AUM). The Atlas fund will adopt Wall Street strategies to generate returns for investors in the cryptocurrency market. This comes amid growing participation by VC firms in the market following a bullish market recovery in recent months.
Hypersphere Launches Atlas
Hypersphere announced the launch of the fund on July 10 to provide investors with a return to the cryptocurrency market.
Atlas will implement Wall Street strategies to increase returns for investors with staff from Millennium and Bridgewater trading firms. It aims to employ the multi-management approach to keep volatility low across strategies.
Among the goals is to provide 40% returns to customers using decentralized finance (DeFi) market making and arbitrage. In addition, clients can opt to co-invest in private treasury rounds. Hypersphere funded Atlas in January with $100 million and is seeking and has released two broad strategies to enable investors to benefit from its liquid funds program.
Jack Platts, the founder of Hypersphere, highlighted that the strategy includes two bets in one. These include offering diversified trading methods and looking for interesting opportunities in the digital asset market. This year,
cryptocurrency companies increased market participation in the wake of the bull run, while some assets have surged to all-time highs. Bullish market sentiments are known to attract investors due to high prices and increased on-chain activity.
The company seeks expansion
In the lucrative cryptocurrency market, Hypersphere is planning to launch another venture fund to fund smaller cryptocurrency projects. The company is expected to raise $75 for the project that is expected to start operating this fall. Overall, this indicates institutional support for the bullish push in the cryptocurrency market. Several companies have also pointed to interest rate cuts by the Federal Reserve, which will see funds flow into risky assets. This would enhance inflows into risky assets with digital assets set to benefit.
Read also: Fed Chair Powell Expresses Strong Support for Stablecoin Regulation
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.