Pangea Fund Management, a new company formed by Ryan Watkins and Daniel Cheung, has secured $85 million to start a new crypto hedge fund, According Roma report by Bloomberg.
Bucking the digital assets space trend which has seen lots of managers back early-stage projects, the fund will focus on investments in already successful tokens.
The fund will focus on investment co-founded a long-only crypto fund for already successful tokens, when many funds in the digital-asset space are focusing on early-stage projects.
Investors backing Watkins, a 25-year-old former analyst at Messari Inc, and Cheung, who worked at Jennison Associates LLC, include Bain Capital and ParaFi.
Brad Burnham, co-founder of Union Square Ventures, Apollo Global Management co-founder Josh Harris, have also participated in the funding round.