Former Goldman Sachs Exec’s Crypto Hedge Fund Expanding, Despite Bear Market

Cryptocurrency prices may be seeing a low point in their cycle, but the industry as a whole is still showing tremendous growth. In fact, the bear market has not even scared away investors from institutional firms like Goldman Sachs.

BlockTower Capital, a cryptocurrency hedgefund co-founded by former Goldman Sachs investment manager Matthew Goetz is actually expanding its staff in the midst of the current bear market, according to Bloomberg.

BlockTower Capital launched last year, and in that short time, the firm was able to hire new employees and open a second office. At their launch, they were able to raise $140 million through private investors. The BlockTower headquarters is in Stamford, Connecticut, but last month they opened a second office in New York.

The firm has not officially announced any additional positions, but the “careers” section of their website encourages blockchain experts to contact them about employment:

Talented individuals with a passion for cryptocurrency, blockchain technology, and investing in the world’s decentralized future may send a writeup with their perspective on the space and resume to: [email protected],” the website states.

Last year, the unprecedented cryptocurrency boom created a remarkable rush in the industry, with 156 crypto hedge funds launching in 2017.

Growth has slowed this year, however, but 2018 has still seen the opening of 96 crypto hedge funds. This still represents a substantial increase from 2016, where just 42 firms entered the market.

According to Coindesk BlockTower Capital has partnered with Galaxy Capital and other firms to develop a $16 million cryptocurrency investment project called Caspian – a platform designed to make crypto trading easier and more streamlined for institutional investors.

BlockTower co-founder Ari Paul explained:

Liquidity is fragmented across dozens of exchanges globally, each with their own quirky API connections. Professional trading software will facilitate greater liquidity in crypto assets.


New Wirex Visa Card Offers Users Cryptocurrency Rewards

A new Visa card launched by borderless payment platform Wirex rewards users with 1.5% back in bitcoin on all in-store purchases, allowing users to earn crypto rewards for using it.

According to a press release shared with CryptoGlobe, Wirex announced its new Visa Travelcard at the Singapore FinTech Festival. The card supports more than 150 currencies and processes cryptocurrency exchanges to fiat currency before transacting on the visa network.

It’s reportedly supported anywhere Visa is accepted and allows for free ATM withdrawals. Wirex touts its “first in the world” program allowing users to earn cashback in cryptocurrency. Per the firm the first 2,000 to order and activate a Wirex Travelcard will receive 20 Nano.

To get users onboard Wirex is removing management and traditional currency exchange fees for a limited period. The card is set to be available across the Asia-Pacific region. The firm’s CEO Pavel Matveev was quoted as saying it “witnessed an explosion in demand for hybrid fiat and crypto-enabled banking alternatives in APAC, where people need payments redesigned for the future.”

Wirex is one of the only cryptocurrency-related companies in the world to have been granted a UK FCA e-money license. Earlier this year it launched the WXT token on OK Jumpstart, OKEx’s IEO platform.

The firm’s announcement added it’ll soon release a “revolutionary selection of fiat-backed stablecoins.” Wirex is one of various fintech firms entering the crypto space. Revolut, for example, added stop orders for trading BTC, ETH, and BCH and others earlier this year.

Featured image by Nathan Dumlao on Unsplash.