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Billionaire Steve Cohen Joins the Crypto Party

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Steve Cohen

Billionaire Steven Cohen seems to have decided to join the list of billionaires with a growing interest in cryptocurrencies. He recently invested in a hedge fund by the name of Autonomous Partners, a fund that acquires cryptos and equity in companies that work with blockchain technology.

Steven Cohen decides to go crypto

Autonomous Partners, which is led by a venture capitalist and crypto enthusiast, Arianna Simpson, has just received an investment from billionaire Steven Cohen. The investment came from Cohen Private Ventures, which was previously launched back in 2010 by Steve Cohen’s family office.

Autonomous Partners is much younger, and it only came to be back in December 2017. Ever since then, it worked with various investors like Brian Armstrong, the CEO of Coinbase, as well as Craft Ventures, and Union Square Ventures. Simpson has been very careful when choosing partners and has stated that she only brought those that can bring value that goes beyond the capital.

Cohen’s Private Ventures has not released any official comment or statement regarding this. However, it is known that the firm has collaborated with Simpson in the past. Previously, the company invested in another one of Simpson’s venture funds back in 2015. The fund was called Crystal Towers Capital.

About Autonomous Partners

Autonomous Partners recognizes the uncertainty that comes with the crypto market, and in fact, the entire industry. Because of that, it focuses its efforts on those areas that have a potential in the long run. According to Simpson, the firm is also dedicating a small part of the funds to big cryptos, including Ethereum and Bitcoin. However, she stated that she primarily focuses on crypto aspects that are next gen. After all, the biggest cryptos can be accessed with ease by pretty much anyone.

The companies that Simpson is interested in include those that wish to speed up their transactions, privacy coins with focus on anonymization, firms that wish to work on the problem of scalability of the blockchain, and alike. One example of Simpson’s investment includes a special protocol called 0x. This is a protocol that allows the creation of decentralized crypto exchanges.

Ripple gets a pass in fear of being a security

A lot of people have noticed that the fund’s investments lack in Ripple (XRP) coins. XRP is the third largest crypto as per CoinMarketCap, but it is mostly owned by the company Ripple itself. According to Simpson, the concerns that XRP might be a security are what makes things different in this case, which is why she gave Ripple a pass.

Simpson even stated that the issue with Ripple is its level of centralization, as well as regulatory issues if it turns out that Ripple is a security after all. This is a concern that many others share as well.

One example of this includes Multicoin Capital, which is another crypto hedge fund. After many indications that Ripple is a security, Multicoin Capital even decided to short Ripple back in June of this year. Of course, as always, Ripple continues to claim that its token is not a security. In fact, the company’s CEO, Brad Garlinghouse, even stated that the ownership of XRP does not give Ripple control over it.

Is blockchain for real, or only a bubble?

Blockchain has proven to have a lot of potential for changing the way business works in many different fields. As soon as people understood this, a large wave of various blockchain projects arrived. Some of them concentrated on tracking diamonds, implementing loyalty programs, and even organizing international payments.

Some believe that the excitement about the technology has made everyone expect it to achieve more than it is currently capable of achieving. Some, like Steve Wozniak, the co-founder of Apple, has stated that he felt that the blockchain was a bubble. He believes so even now and continues to support this opinion.

Simpson, on the other hand, is a blockchain and crypto believer, and she has already dedicated five years of her life to this product. She doesn’t plan to give up on it now and instead believes that the blockchain technology will prove its worth as time goes by.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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