According to a representative for the cryptocurrency trading startup Radkl, hedge fund billionaire Steve Cohen has sold his interest in the venture, Bloomberg reported on Tuesday.
The spokeswoman stated in an email to the media outlet that “Radkl remains extremely well capitalized with its current investors and continues to grow rapidly,”
Billionaire invested in the startup in 2021
The hedge fund manager and owner of the New York Mets had announced support to Radkl last year in September as a prominent figure from the traditional financial world. This was after the business was kickstarted by partners of GTS, a significant trading company in the American equities market.
However, as per the report, Cohen made other crypto investments in addition to Radkl. Earlier in 2021, Cohen’s Point72 Ventures led a financing round for the crypto-analytics company Messari Inc., while Cohen Private Ventures participated in a funding round for marketplace Recur last year.
That said, this year, Radkl has reportedly also lost two managing directors, Jim Greco and Beatrice O’Carroll. Meanwhile, Point72 on the other hand has been expanding in the crypto space despite the recent market downturn.
Cohen’s venture assemble crypto team
Back in June, another report by Bloomberg confirmed that the $24.4 billion company appointed Elie Galam as head of crypto for the centralized quant division at Cubist Systematic Strategies. And soon after, Galam was set to launch and assemble a team that would develop trading algorithms for both spot and derivative cryptocurrencies.
On the contrary, founders of the now defunct hedge fund Three Arrows Capital (3AC) acknowledged the cascading effect of the Terra (LUNA) crisis on the broader market. In a recent interview, co-founders Kyle Davies and Su Zhun recognized that the market overconfidence born out of the multi-year crypto bull market has hit the credit ecosystem.
That said, according to the Boston Consulting Group, the number of cryptocurrency users is set to reach one billion by 2030. Be[In]Crypto recently reported that the management consulting firm compared crypto adoption to the growth of the internet in the 1990s in a report released on July 22, 2022.