UK Billionaire Builds A $1bn. Cryptocurrency Venture

Elwood Asset Management is a relatively new name in the latest cryptocurrency news. As of today, the name is associated with a UK billionaire which aim is to build a new cryptocurrency investment platform worth $1 billion USD.

As the Financial Times reported citing the CEO of the company Bin Ren, this is a “very big growth opportunity” that comes in a good time for cryptocurrency as an industry. The CEO also hopes that this platform could eventually manage more than $1 billion of assets, as featured in the report.

Details of the UK billionaire Alan Elwood and his new fund have not been finalized. However, we already know that the system would design portfolios for each investors which are unique and based on their risk preferences, expected returns and liquidity terms. The system will also measure the potential correlation with other assets they own, as the report showed.

Many best cryptocurrency news sites are reporting about the new venture. According to Ren, there are already about 50 hedge funds which are identified as ones that “probably satisfy our due diligence” as the CEO added.

In March this year, the altcoin news showed that Elwood Asset Management, the company of the UK billionaire, manages the personal crypto assets of Howard. It is also planning to launch a range of regulated investment products and lure more institutions in the crypto space.

More importantly, the company plans “products that will cover the full spectrum of crypto-assets,” including direct exposure to major cryptocurrencies such as Bitcoin and Ethereum. The company already launched an exchange traded fund (ETF) which invests in companies involved with blockchain technology – even though they avoided direct exposure to crypto assets.

The UK billionaire Howard, meanwhile, made sizeable personal investments in cryptocurrencies in 2017. Last year, he was one of the most high-profile investors that participated in the “strategic investment round” for EOS. On Forbes, Howard is ranked as one of the 40 highest-earning hedge fund managers in the world with an established net worth of .
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35 billion (as of 2018).

To sum things up, it is estimated that right now, there are 150 active crypto hedge funds which manage $1 billion collectively – which puts Howard and his new plan in direct competition with them.