The Ripple team announced today that Mr. Michael Arrington, the founder and former editor-in-chief of TechCrunch, announced the launch of his new XRP capital fund on stage at Consensus Invest today. The fund, titled Arrington XRP Capital is one of the world’s largest crypto hedge funds and is entirely denominated in XRP. Additionally, the fund will start with $100 million and will use XRP to invest in blockchain technology and asset entities.
Arrington’s decision to solely use XRP to power his capital fund further validates that this digital currency provides the best use case for real-time, transparent and secure transactions. In fact, not only does XRP provide much-needed liquidity for cross-border payments, it’s the fastest, most scalable and stable digital asset on the charts — making it the most appropriate for institutional use. The fund will start trading soon, although no official date announced.
“We will invest in a wide variety of cryptocurrency assets and related technologies. The primary focus will be on existing tokens. The fund will also invest a portion of its assets in ICOs, as well as more traditional investments such as private equity offerings…having a hedge fund denominated in a cryptocurrency makes things far easier for investors who already hold a lot of cryptocurrency. No need to convert back to fiat and then later back to a cryptocurrency as we make investments. Everyone saves fees and time that way.”
“Even though Ripple does not play an official role in the fund, we are glad to see that Michael Arrington is using his legendary entrepreneurial spirit to create one of the largest digital currency hedge funds using XRP.”