Crypto Hedge Fund Pangea Fund Receives $85m in Financing

Cryptocurrency hedge Fund Pangea Fund has raised $85 million to focus on a "long-only" strategy. 

Pangea Fund Management was founded by Ryan Watkins, a former analyst at Messari Inc., and Daniel Cheung, who works at Jennison Associates LLC. 

Ryan Watkins in an interview: 

"Our thesis is that in the long run, there'll be very few winners in each category. So for us, we'd much rather bet on some of the early winners we're seeing." 

Investors include Bain Capital, ParaFi, Alameda Research, and others, USV co-founder Brad Burnham, Apollo Global Management co-founder Josh Harris, Terraform  Do Kwon of Labs, Kyle Samani, partner of Multicoin Capital, and other angel investors participated in the investment. 

Most cryptocurrency hedge funds currently focus on Bitcoin and Ethereum, as well as investments focused on early-stage projects. 

However, what makes Pangea unique is its strategic focus on taking a long-term position among three to seven established tokens. 

"The fund's concentration in just a few tokens will also allow it to focus on supporting an important element of  Decentralization: projects' governance, "said Watkins

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