The founder of TechCrunch Michael Arrington announced the introduction of a hedge fund that carries mainly Ripple’s XRP digital currency. According to reports, investors who purchase a fraction of the $100 million fund will be entitled to distributions in XRP.
Arrington shared that the fund that will be raised will be wielded to invest in virtual assets, initial coin offerings, and startups. Despite knowing the risk that is incorporated into the project, he expressed his excitement and anticipation.
The TechCrunch founder shared on his blog that the project is at odds with some people and they are on the edge of a bubble-bursting meltdown in digital currencies price. Arrington argued that this is the right time for everyone to stop smacking cryptocurrencies as he recalls how the current over $300 billion market value of digital currencies was just a shy of $14 billion last year.
The project has already raised half of its investment targets as of today according to reports.