Morgan Creek’s Venture Fund Raised $40 Million to Invest in Blockchain and Cryptocurrency 🚨 This article is 6 years old...
Morgan Creek’s Venture Fund Raised $40 Million to Invest in Blockchain and Cryptocurrency
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Updated: May. 15, 2019 at 5:05 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Morgan Creek Digital Assets announced today that it has successfully closed a $40 million venture fund that will invest in blockchain and cryptocurrency.
Morgan Creek Digital Assets (MCDA) is an alternative asset management firm founded by Anthony Pompliano, Mark Yusko, and Jason Williams. The fund is an affiliate of multi-billion dollar asset manager Morgan Creek Capital Management.
According to a Tuesday press release, MCDA closed a $40 million fund targetting blockchain and cryptocurrency. The fund originally had a target of $25 million but was oversubscribed, raising a total of $40 million. Previously, MCDA has made equity investments in companies such as Coinbase, Bakkt, BlockFi, and RealBlocks.
The firm is also likely to invest in cryptocurrency and other digital assets, as seen previously in its Digital Asset Index Fund. The index is comprised of Bitcoin, Ethereum, Litecoin, EOS, and Bitcoin Cash with smaller positions in five other coins.
Morgan Creek Digital’s recent raise was supported by two public pensions, a university endowment, a hospital system, and an insurance company, according to the press release from the company.
Pompliano told CryptoSlate that “I believe this is the first public pension money in crypto,” suggesting that more conservative pensions are starting to take notice of blockchain and cryptocurrency as an investment vehicle.
Meanwhile, Mark Yusko, partner and co-founder of the fund said:
“We are proud to partner with these investment professionals who have shown an ability to be forward-thinking and innovative.”
Jason Williams, the other co-founder stated:
“The blockchain industry is seeing an incredible influx of highly-talented individuals and entrepreneurs. We believe many of the largest, most valuable companies of tomorrow will be built using this technology.”
In another statement from Pompliano on Twitter, he said “the institutions aren’t coming. They’re already here,” suggesting that institutions are already looking to get involved in the sector.
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Bitcoin
$98,532.29
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,516.37
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Litecoin
$105.594
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
EOS
$0.88001
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
Bitcoin Cash
$467.766
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Bakkt
Bakkt is a new company of NYSE-operator InterContinental Exchange (ICE) designed to bring digital assets to the mainstream and help unlock the potential of this important technology.
Mark Yusko stands at the helm of Morgan Creek Capital Management as its Founder, CEO, and Chief Investment Officer.
Recognized widely as “Pomp”, Anthony Pompliano (born June 15, 1988) stands out as an influential American entrepreneur, Bitcoin advocate, investor, and a proud U.S.