Cryptocurrencies
Crypto Wunderkinds Secure $85 Million to Start Own Hedge Fund
- Pangea backed by Bain Capital, blockchain investor ParaFi
- Strategy is to focus on three to seven proven tokens
This article is for subscribers only.
A couple of up-and-coming crypto market participants are starting a hedge fund that will focus on a “long-only” strategy after receiving $85 million in funding from some of the sector’s most prominent proponents.
Ryan Watkins, a 25-year-old former analyst at Messari Inc., and 26-year-old Daniel Cheung, who worked at Jennison Associates LLC, said they’ve formed Pangea Fund Management. They said they’re being backed by investors that include Bain Capital and ParaFi. Other participants in the funding round include Brad Burnham, co-founder of Union Square Ventures, Apollo Global Management co-founder Josh Harris, as well as “crypto natives” such as Do Kwon from Terraform Labs, Alameda Research and Multicoin Capital’s Kyle Samani.