Former heads of banking units HSBC, Citigroup and Merrill Lynch in the Asia-Pacific region launched a cryptocurrency hedge fund Liquibit Capital with assets of $ 50 million.
The founders of the cryptocurrency fund are Joseph Chang, who served as Head of Equity Trading at Merrill Lynch, HSBC and Citigroup from 1997 to 2016, and his partner Grahame Webb, who previously served as Head of Technology for HSBC and Citigroup. …
They began trading cryptocurrencies in June 2020, creating for this purpose the Liquibit Capital fund in Hong Kong. In addition, a former vice president of Barclays Capital and two technical specialists from financial giants JPMorgan and Wells Fargo are involved in the fund’s activities.
The fund will manage crypto assets worth $ 50 million. Liquibit Capital’s portfolio will include BTC, BCH, ETH, LTC and EOS. Storage will be the responsibility of Fireblocks, a digital asset security company. In the future, the fund’s management plans to start trading options and futures on the BitMEX, Huobi, OKEx and Deribit cryptocurrency exchanges, which are popular in Asia.
Chan noted that the decision to switch to the cryptocurrency industry from traditional finance was made precisely because of the tightening of regulation and a huge number of intermediaries when working with investment banks.
Several cryptocurrency hedge funds have closed in recent months. Last month, Neural Capital ended its operations, losing half of its capital. In addition, hedge funds Tetras Capital and Prime Factor Capital announced in July that they were closing down due to unprofitability and insufficient demand from institutional investors.
