Public records show that two former employees at the Ripple are now raising funds. The aim of raising money is to fund their scheme. According to the filings to the U.S. Securities and Exchange Commission, the founders want cash. Tim Lewkow and Eli Lang are writing SEC telling them about their interest in raising funds. The money will go to Fractal Investments. From its official website, Fractal Investments deals with the investment of crypto assets.
Why Do Former Ripple Employees Want To Continue A Digital Currency Hedge Fund?
This company has a short history. The two starts this business last summer. Since the opening of the company, all the action happens on social media. Whatever the company wants to tell the public, it does so through Twitter. Lang works as a creative director at Ripple. He starts his work at $XRP, which has its base in San Francisco in 2012. He longer works with the company. As for Lewkow, he works for this digital currency from December 2013 through June 2017. From his LinkedIn account, he is holding a senior position when at Ripple. The LinkedIn account says he is Integration Engineering Manager.
Fractal: Virtual Currency Investment Fund I LP
The filings, which the two send to SEC detail two vehicles. These are the vehicles, which the startup will use to raise funds. The first vehicle is Fractal: Virtual Currency Investment Fund I LP. The second is Fractal: Private Investment Fund LP. Both of these instruments are under Delaware. Surprisingly, none of the two filings show more information. For example, neither the first nor the second shows the amount. With the two filings, you will not know how much each will raise.
Altcoins Are Gaining Prominence?
This latest development continues to highlight efforts by many companies. It is also coming at a time when many altcoins are gaining prominence. Nonetheless, different governments are talking tough on digital coins. Like many other startups, Fractal is looking for practical ways to invest. What is more, the startup looks at investing in crypto assets, which is a new wave of investment that every company is turning into.
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There is something that is amazing. Many traditional companies are expanding to ‘virtual investment.’ But even so, others are doing even crazier things. Last week, it was all over the news. A group of former Wall Street vets is coming together. They are coming together with a purpose. For now, the reason for their coming together is to raise funds. What for? The group is creating a fund for funds that focus on cryptocurrencies. Hitherto, the team is raising $50 million!
Will Ripple Be The Next Bitcoin?
Most importantly, this is happening even as different governments are imposing strict rules on the digital currency. It is when SEC issues a warning saying that it will come up with regulations. The U.S. agency says that it has no reason to stop digital currency. But it means that the aim is to regulate the trade. Other countries are also coming up with stricter rules. South Korea is notable among all. If you are a foreigner, you will not deposit. Yes, you will not deposit a ripple in S. Korea using Korean Won, which happens whether you stay in the country or not.
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