Mike Arrington launches $100 mln cryptocurrency hedge fund

ICO Blockchain VC
Fintech technology and Blockchain network concept , Distributed ledger technology , building . Network connection with abstract binary background. Photo courtesy of Zapp2Photo/iStock/Getty Images

Mike Arrington announced today the launch of Arrington XRP Capital, a new $100 million cryptocurrency hedge fund denominated in XRP, the digital currency developed by enterprise blockchain global payments company Ripple. Arrington, the founder of startup news site TechCrunch and venture firm CrunchFund, announced the fund in a blog post and at the Consensus Invest conference in New York.

The fund currently has commitments for more than $50 million and plans to begin trading in the coming weeks, according to the blog post. Investors will contribute XRP instead of dollars to the fund, and distributions and fees will also be mostly paid in XRP. Ripple is not an investor in the fund, Arrington said.

“With this new fund I’m signaling my intent to spend the rest of my career on cryptocurrencies,” Arrington wrote in the blog post.

Heather Harde, the former CEO of TechCrunch, and Geoffrey Arone, a product and marketing executive and advisor at Cendana Capital, will join Arrington as partners.

Photo of blockchain network concept courtesy of Zapp2Photo/iStock/Getty Images