Remember when people in the crypto space dreamed of mainstream adoption? Well, it’s happening. Slowly, it’s true -- but mainstream adoption is trickling in.
Remember when people in the crypto space dreamed of mainstream adoption? Well, it’s happening. Slowly, it’s true -- but mainstream adoption is trickling in.
We hear folks saying institutions aren’t interested, but this initial close along with the conversations we’re having with tens of other institutions shows that there is no lack of interest. (Morgan Creek Capital partner Anthony Pompliano)
That’s why it’s fantastic news that Morgan Creek -- a blockchainBlockchain
A digital, distributed ledger which contains data for all the transactions that have ever taken place using a given cryptocurrency.
The Virginia’s Police Officer’s Retirement System and Employees’ Retirement System of Virginia Creek are investing $50 million in the second funding round of Morgan Creek’s blockchain fund. Previously they had put in $21 million in February.
Morgan Creek is raising $250 million in various tranches. This second tranch -- coming in at $60.9 million -- was also invested in by Wakemed Health and Hospitals. Wakemed is an insurance company. Plus, an undisclosed university endowment made up the remaining $10 million of the $60.9m tranche.
Morgan Creek Capital partner Anthony Pompliano said:
“We hear folks saying institutions aren’t interested, but this initial close along with the conversations we’re having with tens of other institutions shows that there is no lack of interest.”
Mr. Pompliano went on to say that this second fund will focus on seed investments in equity in projects that are “blockchain infrastructure” companies (such as Bitwise and BlockFi).
“When you see the quality of the LPs in this fund, it speaks to the work that these infrastructure companies have done over the last 18 to 24 months,” Pompliano said.
This new funding round brings Morgan Creek to $100 million in assets under management.
“We raised the first fund for specific investments,” Pompliano commented. He then went on to say that the $250 million fund is “more institutionally sized.”
“For the LPs that are investing with us, this is a size that they’re used to.”
Yes indeed, with news like this we can all realize that cryptocurrencies and their infrastructure -- especially blockchain technology -- are here to stay and grow.
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