UK asset management firm Elwood plans to develop a giant $1 billion bitcoin and cryptocurrency investment venture, it says.
ELWOOD EXPANDS CRYPTOCURRENCY EXPOSURE
Quoted by the Financial Times on August 30, Elwood, which is owned by billionaire Alan Howard, revealed it wants to funnel cash into crypto hedge funds.
The company is no stranger to the crypto investment space, having launched a Blockchain exchange-traded fund (ETF) in March.
According to the Times, Elwood “is working on a platform that would design portfolios of crypto funds for institutional investors.”
Commenting to the publication, CEO Bin Ren said that while caution was still needed in the industry, the possibilities for growth were considerable.
“Losing traditional assets in the real world is hard. In the digital world, it’s very easy to lose assets — put in the wrong address for a bitcoin transfer and it’s gone forever,” he warned.