A former Messari research analyst and a notable crypto investor have drummed up $85 million for a new crypto hedge fund.
Ryan Watkins, who recently left his position at crypto research firm Messari, and Daniel Cheung, a popular investor and Twitter personality, have together co-founded Pangea Fund Management. The fund will employ a long term strategy, investing in crypto projects that have already emerged as winners in the space.
"Pangea Fund Management is a thesis driven hedge fund making high conviction, concentrated investments in the secular winners of the cryptoeconomy," reads the fund's website.
Watkins tweeted that Pangea runs a "concentrated portfolio anchored by 3-7 high conviction liquid tokens."
"We aim to be active participants in protocol governance and support the cryptoeconomy’s leading infrastructure protocols as they ride up the S curve to global adoption."
According to Bloomberg, two secured funding from investors including Bain Capital and ParaFi, as well as Union Square Ventures co-founder Brad Burnham, Apollo Global Management co-founder Josh Harris and other crypto natives like Terraform Labs' Do Kwon and Alameda Research and Multicoin Capital's Kyle Samani.