Morgan Creek Raises $61M For Blockchain Fund, Target At $250M

The major cryptocurrency asset firm Morgan Creek Digital is in the latest cryptocurrency news for raising over $61 million in an attempt to build a blockchain fund and explore opportunities using distributed ledgers. The main person behind the fund, Anthony Pompliano, is confident about the new endeavour.

It all started on October 18, when news confirmed that Morgan Creek raises new funds for a blockchain fund. The company submitted a filing for its second blockchain fund to the United States Securities and Exchange Commission (SEC) and has managed to raise $61 million from 11 investors.

The filing introduced a Form D which requests an exemption for the offering and shows that the fund started its first offering on October 16 and is now ongoing.  The co-founder of Morgan Creek Digital, Anthony Pompliano, started giving interviews to various crypto sites.

Pomp was in the blockchain news for stating that the ultimate goal of the fund is to raise $250 million, with a new funding round in December this year and a final round for the end of the first quarter of 2020.

The co-founder of Morgan Creek also told journalists that two key investors more than doubled their investment. When asked about their names, he identified them to be Fairfax County Police Pension and Fairfax County Employee Retirement Pensions.

“We also have what we believe is the first hospital system in the United States to participate in a dedicated blockchain fund called WakeMed,” he said.

Known as a major Bitcoin maximalist, Anthony Pompliano also noted that Morgan Creek will continue using the same strategy that they had in the first fund – and that they are actively looking for entrepreneurs who are in the initial stage of building their companies to support them with the resources being raised.

Meanwhile, the bets on the Bitcoin price are continuing. As we reported in July, the founder and CEO and CIO of Morgan Creek Capital Management, Mark Yusko, got his eyes laid on a new price target for BTC. He noted that the crypto markets are finding themselves in the next parabolic move and added:

“That will probably take us into the $30,000 level before we get another little correction […] the path to $100,000 by 2021 is really quite easy to draw out.”