$1.5 Billion Hedge Fund Ulysses Capital Invests in NULS (Again)

NULS, a blockchain designed to enable customizable modules and cross-chain operability, has secured investment from Ulysses Capital, a Los Angeles-based family office managing roughly $1.5 billion worth of assets.

Commenting on his fund’s investment in a blog post published by NULS was Joon Lee (Fund Manager, Ulysses Capital), who praised NULS’ “strong technical team” for sticking to their roadmap; something “we don’t often see” occur in the crypto space, he added.

If anyone was to know how diligently NULS abides by their roadmap, it would be Ulysses Capital. Indeed, the investment into the enterprise- and developer-focussed blockchain project was not the first for the long/short hedge fund.

It was only last October when Ulysses Capital – who at the time had “recently established a crypto fund to invest in cryptos and blockchain companies” – invested directly into NULS’ same-named cryptocurrency.

For Ulysses Capital, the initial investment into NULS doubled as a strategic partnership. According the October announcement, Lee shared his fund’s intention was to “build a win-win relationship with [NULS] by creating more opportunities for NULS in the future.”

NULS Seeing A Lot of Investment

Notably, Ulysses Capital is not the only crypto-specific fund in recent times to have seen potential value in NULS. Late last month, BlockGroup, the parent company of the BlockVC, announced their investment in NULS through its newly established $200 million crypto fund. As was the case with Ulysses Capital and their crypto-specific fund, NULS represented the first investment by BlockGroup’s.

As for how NULS is tracking as a project, the team is currently testing their recently released alpha version of NULS 2.0. Promisingly for investors such as Ulysses Capital and BlockGroup, NULS revealed in today’s investment announcement it “has multiple enterprises and individuals participating in the 2.0 alpha test and is currently considering additional participants to join the environment.”

Announced last November, NULS 2.0 represents a “new modular architecture enhanced with microservice suites, that have no programming language limitations.” Prompting the design overhaul was the core team’s realization that, whilst NULS 1.0 achieved “the modular effect at the coding paradigm level,” it was far too constraining for developers. For CryptoGlobe readers wanting to learn more about the benefits of NULS 2.0 – especially as it relates to NULS 1.0 – we recommend reading this detailed blog post.

India’s Finance Minister Says Countries Are 'Rushing' Into Cryptocurrency

  • India's Finance Minister and Reserve Bank Governor cautioned against countries rushing into digital currencies. 
  • IMF Director Kristalina Georgieva said the organization is taking a "balance approach" to regulation.

Reserve Bank of India Governor Shaktikanta Das and Minister of Finance Nirmala Sitharaman cautioned that countries are rushing into cryptoassets, in the wake of Facebook’s handling of libra. 

Das spoke on cryptoassets earlier in the week at the annual meeting for the International Monetary Fund and World Bank. Sitharaman told Indian reporters of the meeting, 

On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this.

Das continued, explaining how some officials took issue with libra being labeled a ‘stablecoin,’

Some of them [countries] of course even suggested that they shouldn't be using, all of us shouldn't be using the name stable currency because that's the expression they used. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind.

Sitharaman said the general consensus was that countries need to show “extreme” caution in the handling of digital currencies. However, she also admitted there were discussions about the benefits of digital currencies, saying that "presentations were also highlighting the strenghts of such virtual currency."

IMF Managing Director Kristalina Georgieva said the organization is taking a “very balanced approach” to crypto-assets while being “mindful” of the risks they pose for consumers. 

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