TechCrunch Founder To Raise $100 Mln For Cryptocurrency Hedge Fund

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Media company TechCrunch founder Michael Arrington has announced that he is raising $100 mln for a hedge fund called Arrington XRP Capital. The fund will be mainly involved in the buying and holding of cryptocurrency assets, as well as in investing in token sales and some equities and debt.

According to Arrington, his entry to the virtual currency market marks the next stage of his professional career and he thinks that he will be involved in the sector until his retirement.

"In the last several months, I've gone from crypto enthusiast to 100 percent crypto. I've only been looking at crypto deals. This is what I think I'll be doing the rest of my career."

Brief details of the fund
According to Arrington, the fund is the first of its kind that will compel all limited partners (LP) to invest in Ripple (XRP). The cryptocurrency is being used to power the RippleNet software of San Francisco-based startup Ripple. The token will also be utilized by Arrington XRP Capital for all distribution transactions, as well as fees.

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