2021-3-3 15:09 |
Leading cryptocurrency exchange Binance has invested in Texas-based crypto-focused hedge fund Multicoin Capital. The exchange unveiled this news through a blog post on March 2, noting that this investment has seen it become a limited partner in the hedge fund. Reportedly, this strategic investment will see the two companies work together in exploring new opportunities for blockchain technology, such as further development and market expansion.
#Binance has made a strategic investment in Multicoin Capital. https://t.co/AGOlur089T
— Binance (@binance) March 2, 2021This is not the first time Binance is working with Multicoin Capital. The duo’s joint effort primarily involved spotting, incubating, and investing in early-blockchain startups. One such investment was in MathWallet, a Singapore-based crypto project. While working on these deals, Binance discovered that Multicoin is a domain expert. Apart from this, the exchange took note of the hedge fund’s contrarian, thesis-based investment style, which is fueled by extensive research and analysis.
The publication went on to note that Binance made this investment as an affirmation of its belief in the efficiency of Multicoin Capital’s process and expertise as fund managers. However, Binance did not disclose how much it had invested in the company.
Joining leading players to disrupt public marketsCommenting on this development, Binance’s CEO, Changpeng Zhao, said Multicoin Capital has been instrumental in some of the biggest success stories in crypto. He added that the firm works extremely hard on behalf of its investments and that it had developed a keen eye for identifying emerging projects and anticipating disruptive innovations that impact public markets.
Through this investment, Binance has joined the growing list of companies and individuals that are Multicoin Capital’s limited partners. These include Ribbit Capital, Union Square Ventures, Marc Andreessen, who is a founding managing partner at Andreessen Horowitz, and David Sacks, who is the founder of Craft Ventures, and the first chief operating officer (COO) of PayPal Holdings Inc.
The post Binance invests in crypto-focused hedge fund Multicoin Capital appeared first on Invezz.
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