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Arrington XRP Capital reaches funding target of $100 million; acquires ByteSize

source-logo  ambcrypto.com 28 March 2019 22:30, UTC

XRP did not observe any significant growth recently. However, a recent announcement from Arrington XRP Capital made XRP enthusiasts cheer. The fund launched by TechCrunch Founder Michael Arrington surpassed its $100 million funding target after it received $30 million from one of its largest Limited Partners [LP], informed Arrington to Coindesk.

In an interview with Coindesk, Arrington said,

“The reason is, like everyone, we didn’t do particularly great last year, but we did better than the market. And that was a win.”

Arrington informed that with additional investment, the fund crossed its initial target of $100 million. This influx of money enabled Arrington XRP Capital to purchase ByteSize Capital, an Australian blockchain fund. The Australian blockchain fund’s founders, Ninor and Ninos Mansor, joined Arrington XRP Capital as partners. Ninos Mansor, positive of Arrington’s experience told Invest in Blockchain,

“One thing that stood out to us as we discussed a merger was the fact that they’ve been working together for over a decade. Two tech booms gives you scars and judgement that you just can’t replicate.”

ByteSize’s expertise can be useful for the fund in this uncertain market. He also noted that ByteSize’s proprietary market analysis tools will be beneficial. Arrington added,

“We are seeing a new market. It’s not 2017. It’s not 2018. Funds like ours will continue to find ways to make money in markets that are unpredictable. We didn’t have the DNA to do trading, but now we do with these guys.”

The blog post announcing the partnership explained how the fund can use ByteSize’s tools to enhance Arrington’s current investment strategies,

“As part of the merger, Arrington XRP Capital will onboard ByteSize’s proprietary investing suite. The partners at ByteSize have developed a set of tools for navigating the crypto markets, including systems for data ingestion and quantitative backtesting. These systems will be incorporated into Arrington XRP Capital’s existing investment framework.”

With Arrington XRP Capital acquiring ByteSize, its portfolio has grown larger as it already includes different crypto companies like Thunder, Spacemesh, Terra, and Blocstack.

ambcrypto.com