TechCrunch Founder Arrington Raising $100 Million XRP Hedge Fund

Call it the latest sign of the sea change.

Announced today at CoinDesk’s Consensus: Invest in New York, TechCrunch founder Michael Arrington revealed he’s raising $100 million for a hedge fund that will buy and hold crypto assets while making investments in token sales and (some) equities and debt.

Launched under a new entity called Arrington XRP Capital, the fund claims to be the first that will require all limited partners (LPs) to make investments in XRP, the cryptocurrency that powers San Francisco startup Ripple’s RippleNet software. The fund will also use XRP for all distributions and fees.

However, most notable about the debut may be that Arrington emphasized how it marks what he considers the next phase of his career, one that has already seen him found TechCrunch, one of the most successful internet-era media startups, as well as CrunchFund, a venture fund with 55 exits to date.

Arrington told CoinDesk:

“In the last several months, I’ve gone from crypto enthusiast to 100 percent crypto. I’ve only been looking at crypto deals. This is what I think I’ll be doing the rest of my career.”

Far from a bubble, Arrington said he believes that the $300 billion cryptocurrency market represents only the beginning of a larger and more diverse ecosystem of assets.

“I seriously think that we’ll be in the trillions next year, and that we’ll start to see institutional money,” he continued. “I think next year you’ll see significant gains.”

Joining Arrington in the fund will be Heather Harde, a former CEO of TechCrunch, as well as two other unnamed partners. Arrington said that the fund has $50 million committed to date, with an eye to close it before the year’s end…

Read Full: TechCrunch Founder Arrington Raising $100 Million XRP Hedge Fund