CoinDesk has reported that a cryptocurrency fund is being set up by people with experience from the world’s largest banks.
Liquibit Capital is a Hong Kong-based fund that has been trading crypto since June.
Co-founder Joseph Chang has worked at all three banks while Co-founder Grahame Webb has worked at HSBC and Citi.
Liquibit Capital is set to manage assets worth $50mn.
What does this mean?
Apart from the founders, the rest of the team has experience from Barclays Capital, JPMorgan and Wells Fargo. Liquibit will trade a range of currencies including Bitcoin, Litecoin and Eos, with the founders moving away from traditional currency and recognising the potential of digital alternatives.