Morgan Creek Capital Management has acquired cryptocurrency venture firm Full Tilt Capital LLC. The move was seen as part of a big bet to invest in blockchain technology. Terms of the deal were not disclosed
The Morgan Creek hedge fund has more than a billion dollars in assets under management. Raleigh, North Carolina’s Full Tilt said in January that its next fund would be invested entirely in cryptocurrency assets.
“Morgan Creek believes blockchain to be one of the most powerful and valuable technologies to have been developed in the digital age and also believes that the disruptive power of the application of blockchain technology across all asset classes will create enormous investment opportunities,” said Mark Yusko, founder and chief investment officer at Morgan Creek. “To fully capitalize on this compelling opportunity, Morgan Creek has acquired Full Tilt Capital.”
Chapel Hill, North Carolina’s Morgan Creek is reportedly looking to raise $500 million in a new fund focused solely on blockchain investments, according to Bloomberg.
Anthony Pompliano, managing partner at Full Tilt, told Bloomberg that the new fund’s strategy will be blockchain technology, mentioning a high-concept plan to tokenize equity shares in a New York hotel, or turning a company’s equity into tokens.
“We’re encouraged by the potential blockchain can bring to financial markets,” said Pompliano.“Although this is new, we’re excited to be at the forefront.”
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