The crypto company co-founded by legendary bitcoin (BTC) developer Adam Back plans to launch a fund that underwrites Bitcoin-backed loans and one that allows for crypto borrowing with U.S. dollars as collateral while a third fund would deploy hedge fund strategies
Bitcoin development firm Blockstream is launching three investment funds, including two focused on crypto lending, the company announced Tuesday.
The crypto company co-founded by legendary bitcoin (BTC) developer Adam Back plans to launch a fund that underwrites Bitcoin-backed loans and one that allows for crypto borrowing with U.S. dollars as collateral while a third fund would deploy hedge fund strategies, according to a tweet.
Bloomberg reported earlier that the company had secured several billion dollars in funding to launch these funds, citing anonymous sources.
The crypto lending business had been hit hard after the collapse of former crypto exchange FTX, whose falsified balance sheets and in the end, inability to pay back money lent to them, resulted in several bankruptcies of then-reputable crypto lenders.
The three funds will go live in April with additional external capital starting to be accepted in July. The two lending funds will be available for borrowing.
Blockstream recently opened a new office in Tokyo as it plans to drive adoption of Bitcoin Layer-2 and self custody technologies as well as the tokenization of real world assets (RWA) in Japan.
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