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Alan Howard makes new investment in crypto start-ups


Billionaire hedge fund manager Alan Howard continued his crypto buying frenzy despite falling digital currency prices, with new investments in two digital asset start-ups.

Howard invested money behind Copper.co, a London-based provider of digital asset custody and trading technology, in a $ 75 million fundraiser. The deal comes after the British billionaire on Thursday announced a $ 4 million investment in Kikitrade, an Asia-based crypto trading app.

The co-founder of the macro hedge fund Brevan Howard has become one of the most prominent European fund managers supporting digital currencies like bitcoin. Volatile digital coins have gained followers among financial institutions and retail traders as prices have risen this year, before relinquishing much of those price gains in recent weeks.

“We are very grateful for Alan’s support. Its early engagement in the space sets it apart from other traditional players, ”said Dmitry Tokarev, Managing Director of Copper.

Howard led a $ 25 million extension of Copper’s Series B fundraiser, which raised $ 50 million in May. Sources familiar with the deal said Howard contributed at least $ 12.5 million, with the remainder coming from existing investors. Its investment in Kikitrade also came shortly after the company closed a fundraiser.

While many asset managers have expressed concern over the extreme volatility of digital currencies, the two deals show Howard’s enthusiasm for crypto has not waned as the fizz wears off from the markets. cryptography.

A long-time promoter of digital currencies, Howard owns the crypto markets company Elwood. Howard stepped down from the day-to-day management of Brevan Howard in 2019, though the company has since shifted a small portion of its funds to crypto.

Howard joined other tycoons including Peter Thiel and Louis Bacon in May to invest $ 10 billion in a new cryptocurrency asset exchange, Block.one. He is also an investor in Sweden-listed digital asset manager Coinshares and crypto custodian Komainu, which is backed by Japanese bank Nomura.

Allen Ng, co-founder of Kikitrade, which has raised a total of $ 12 million, said Howard’s support “gives us great confidence to continuously innovate and drive mass adoption of digital assets.”

Founded in 2018, Copper offers crypto custody and trading technology to traditional asset managers and businesses looking to trade digital assets. The start-up will work with Howard’s Elwood after the fundraiser to work on “premier crypto trading technology and services serving institutional investors,” said James Stickland, chief executive of Elwood.

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