American billionaire and philanthropist Steven Cohen has invested in a crypto and blockchain-based hedge fund – “Autonomous Partners” – as reported by Fortune. The fund is led by Arianna Simpson, a crypto enthusiast who has worked at Facebook and BitGo previously. According to sources, Cohen invested in the fund through his venture capital firm Cohen Private Ventures.
Steven Cohen's Venture Capital Firm Gets Into Crypto With New Partner https://t.co/cR1iQntzHE
— Arianna Simpson (@AriannaSimpson) July 12, 2018
Investing in Autonomous Partners
Simpson said that she only welcomes people who “can be very much value-add beyond their capital”. Founded in 2017, Autonomous Partners is a privately held company that focuses on investing in blockchain and crypto projects, and specifically in “security, scalability, and privacy-enabling protocols”. VC firm Union Square Ventures, VC firm focused on cryptocurrencies Craft Ventures, and CEO of Coinbase Brian Armstrong have invested in Autonomous Partners.
According to Simpson, the hedge fund supports Bitcoin and Ethereum as well as other crypto products that will survive the current uncertainty and regulatory restrictions in the future. Privacy coins and companies that are trying to improve financial transactions as well as blockchain scalability are also backed by Autonomous Partners.
However, Simpson has avoided investing in Ripple due to concerns that XRP may be considered a security by the U.S. Securities and Exchange Commission (SEC).
I have a lot of concerns about the level of centralization there, and I have regulatory concerns if what they have issued is a security.
Simpson has supported Zcash founder ‘Zooko’ Bryce Wilcox-O’Hearn after it was noted that he receives a founder’s reward worth $300,000 per month. Users started pointing out that Zooko was easily earning $4.2 million per year due to the cash issuance structure.
Amidst the controversy, Simpson tweeted that he gets paid only in ZEC and has donated $1 million to Brian Armstrong’s non-profit crypto fund, GiveCrypto. “I think we could all stand to be a little more self critical, and less critical of others in the space,” wrote Simpson.