Managers Of The Largest Banks Formed a Crypto Investment Fund

Banking veterans who ran HSBC, Citigroup and Merrill Lynch's Asia-Pacific units are ditching traditional finance and investing in cryptocurrencies. Joseph CHANG and Grahame WEBB have been trading cryptocurrencies through the new Hong Kong-based Liquibit Capital fund since June 2020.

Liquibit Capital, managed by a former vice president of Barclays Capital and two current technicians from JPMorgan and Wells Fargo, will run the fund with $50 mln in assets.

The fund's portfolio will include Bitcoin, Bitcoin Cash, Ethereum, Litecoin and EOS. They will be securely stored using Fireblocks. It is also expected to trade derivatives, options and futures on BitMEX, Huobi, OKEx and Deribit.

Image courtesy of Crypto consulting