DeFiance Capital, which was shaken by the collapse of Three Arrows Capital this year, according to four people familiar with the matter. cryptocurrency Arthur Cheong, founder of the mutual fund, is raising money for a new fund.
DeFiance Capital Aims To Create A $100 Million Cryptocurrency Fund
A person close to the subject said that the new venture fund, which will still remain under the name of DeFiance, will focus on liquid crypto investments with the goal of raising around $100 million.
He added that DeFiance is focusing its efforts on institutional investors such as fund of funds and family offices.
Cheong refused to comment on the matter. DeFiance, which he founded in August 2020, focuses on decentralized finance strategies and venture capital investments in Web3 companies.
A successful fundraising attempt could mean some kind of turnaround for DeFiance. The company said in July it was “significantly affected” by the failure of Three Arrows, which has filed for bankruptcy and is facing $3.5 billion in creditor claims.
bitcoin With the fall in the price, many companies entered the financial crisis.
At the time, DeFiance distanced itself from Three Arrows, saying it was a “completely separate and independent cryptocurrency-focused mutual fund” and that Cheong had “no view on the hedge fund’s financial statements and/or financial condition.”
However, DeFiance has invested in many deals with Three Arrows, and co-founder Su Zhu still talks about DeFiance in her Twitter bio.
“Arthur Cheong is committed to taking all necessary steps to protect, preserve and repurchase all assets owned and owned by DeFiance Capital as part of its business,” the company said in a statement in July.
*Not investment advice.
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