The British hedge fund, Brevan Howard Asset Management, is set to invest in cryptocurrencies.
According to a source familiar with the matter told Bloomberg, Brevan Howard Asset Management will start its investment in Cryptos with 1.5% of its $5.6 billion main hedge fund in digital assets and the initial allocation will be overseen by Johhny Steindorff and Tucker Waterman, Co-founders of Distributed Global. The hedge fund will focus not only on Bitcoin but a wide range of cryptos.
British Billionaire and Co-founder of Brevan Howard Asset Management, Alan Howard, has invested greatly in cryptocurrencies over the past few years. The moves by Brevan Howard Asset Management shows that cryptocurrencies are going mainstream.
In addition to this, On Wednesday, Coinbase Global Inc. went public hitting a valuation above $112 billion. Big financial institutions keep knocking and coming to the crypto space with innovative ideas on how to make their services better. Tesla now accepts Bitcoin for its electric vehicles; both Morgan Stanley and Goldman Sachs Groups Inc. have announced plans to integrate crypto investments in its services.