Crypto Exchange Bitfinex Lists $280M Hedge Fund for Cryptocurrencies

Crypto Exchange Bitfinex Lists $280M Hedge Fund for Cryptocurrencies

Bitfinex, a cryptocurrency exchange owned by iFinex Inc., has announced listing a multi-million-dollar hedge fund for cryptocurrencies.

The firm revealed it had listed Fulgur Alpha, a Bahamas-based crypto hedge fund worth $280 million.

The fund, which is only open to qualified investors, intends to boost its under-management assets this year, according to the Bitfinex.

Crypto asset custodian Delchain Limited will hold Fulgur Alpha’s assets and Bahamas-based trustee Deltec Fund Services will ensure its regulatory compliance.

Bruno Macchialli, executive head of operations at Delchain, said the fund is being developed in a conventional way that includes diversification of risks.

He added that the fund is a “blueprint for institutional investment in crypto”.

January best ever month for crypto hedge funds

Earlier, Cointelegraph reported that January was the best ever month for cryptocurrency hedge funds. While those funds saw a 21.15 percent return in January, then declined 1.31 percent in February, and would potentially see significant declines in March, hurt by coronavirus epidemic.

Hedge funds not specifically designated for investors interested in cryptocurrencies have seen a positive impact when crypto assets were included. In the first half of 2019, Bill Miller, the popular hedge fund, recorded more than 40% growth due to the inclusion of Bitcoin (BTC).

Cryptolydian earlier reported that Bitfinex has repaid another part of the loan facility to Tether, just hours after a major denial of service attack (DDoS) occurred.

The exchange indicted that it has paid off $100 million in loan facility to major stablecoin operator Tether (USDT).

Bitfinex processed the transaction in fiat through wire transfer wired to Tether’s bank account, similar to a previous repayment process made in July 2019.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.