Mcafee's New Adventure - Joins Security Startup Cyptosecure

Pratik Makadiya

Cryptosecure, a  cryptocurrency startup which claims to provide ‘hack-proof security solutions’ announced the arrival of the new asset, John McAfee, who shall join the company as senior security adviser in the firm.

As reported on Bloomberg, the company stated:

Mr.McAfee met the Cryptosecure team on a recent Blockchain cruise conference at which he was the keynote speaker. During an early morning discussion on the security deficiencies of the cryptocurrency market, he was appraised of Cryptosecure’s military-grade hybrid Blockchain, Trusted Solaris OS, One Time Pad infrastructure project.

Bloomberg

McAfee to Make a Safer Crypto Ecosystem

Recently, McAfee left his post at MGT capital investment where he served as a Chief Cyber Security Visionary. The decision to leave MGT is believed to be “totally amicable”.

The Bitcoin proponent emphasized that crypto market is growing well but the crimes related to it are not far behind. It seems the antivirus software pioneer, like to lead by example as he is set to make the crypto space secure and safe, which is his role at Cryptosecure.

On his appointment, McAfee tweeted

Cyberattacks threaten to end cryptocurrency. Hackers now have the ability to steal from any wallet, computer or exchange. This is why I joined the Cryptosecure team. With advanced technology to end this crisis.

Lately, security has become a major concern for crypto market participants. McAfee’s arrival at Cryptocsecure may bring some change to the entire market knowing his mastery in the field of cybersecurity. However, regulators also play a major role in securing crypto market and building trust among investors.

Neatly 70 Crypto-Focused Funds Closed This Year as Institutional Investors Tread Carefully

Data from the San Francisco-based Crypto Fund Research has shown that nearly 70 cryptocurrency-focused hedge funds have closed this year, while the number of new funds opening is nearly half of what it was in 2018.

The funds reportedly mostly catered to pensions, family offices, and wealthy individuals. Region-wise, data shows North America leads in the number of crypto fund closures with 28 shutting down this year. Europe followed it with 23 closures, and the Asia-Pacific region came in third with 14 closures.

Bloomberg reports that the volatile nature of cryptocurrency prices and regulatory uncertainty surrounding the nascent space have been keeping institutional investors at bay. Nic Carter, the co-founder of Boston-based crypto market tracker Coin Metrics, was quoted as saying the market is “definitely retail driven and will remain so for the foreseeable future.”

The news outlet noted, however, that a Fidelity survey has shown institutions’’ investments into cryptocurrencies are likely to increase over the next five years, and that the CEO of Galaxi Investments Mike Novogratz has said in a recent interview he believes the next wave of adoption will come from “the wealth advisers, maybe with endowments and small foundations participating.”

Spencer Bogart, general partner at San Francisco-based Blockchain Capital, pointed out it’s a matter of expectations, as while to some the levels of institutional adoption are “disappointing or underwhelming,” to him they are a “radical success.” He said:

To me, the fact that there is any institutional adoption for Bitcoin only 10 years into existence is a radical success and beyond what anyone could have imagined just 3 or 4 years ago.

Data from the Crypto Fund Research’s website shows there are currently a total of 804 cryptocurrency-focused funds, 355 of which are hedge funds, and of are venture capital funds. Most crypto funds – 403 – have less than $10 million worth of assets under management, while only 57 have over $100 million under management.

Featured image via Pixabay.