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Report has it that American mogul billionaire Henry Kravis is partnering with ParaFi Capital and his former employee Ben Forman with their crypto fund.
Investing in the San Francisco-based crypto firm reportedly cost Kravis millions, and that is a big step for a starter. ParaFi Capital currently manages an estimated amount of $25 million and hope to greatly increase that figure to three figures ($100M) as early as the first quarter of 2020.
The news of Kravis hopping into the crypto train has been making some waves in the cryptocurrency industry. Kravis is the co-founder of the global investment company Kohlberg Kravis Roberts & Co. (KKR); the same KKR that Ben Forman left last year because they do not have the “optimal format” to pursue blockchain investing.
Forman, KKR’s former employee who spearheaded its in-house blockchain and crypto research, stated in an interview that due to crypto’s relative infancy, it offers a huge amount of “alpha to active managers.” He explained that leaving KKR to focus on his blockchain startup was necessary because the firm didn’t provide the required format to encourage investing in blockchain. Forman also added that the aim is to build a KKR of crypto. “Instead of pursuing crypto at KKR, I wanted to build the KKR of crypto,” he said.
Although KKR has a crypto/blockchain division, it was clear from Forman’s story that the firm isn’t much into the crypto world. From the look of things, I guess Kravis has finally broken out of his conventional shell. If you are going to play, then you should be all for playing, right? I think so too.
Commenting on the ParaFi project, a partner with Bain Capital, Salil Deshpande asserted that “some liquid crypto assets present asymmetric return opportunities” and that ParaFi is in a good position to “capitalize on some misunderstood investment opportunities.”
Henry Kravis Is the Latest Billionaire Big Shots to Bet on Crypto
Other partners in ParaFi’s flagship fund, besides Kravis, include Dragonfly and Bain Capital Ventures. These partners have also turned the heat up by investing in the firm too. This partnership makes Kravis the latest big player in the cryptocurrency blocks, and a big win for the crypto sphere. We hope it pans out well.
Unless you have been living in a cave, you must have heard of cryptocurrency and its underlying technology called blockchain. This ‘new’ technology seems to have revolutionized the financial world to a large extent. However, there are still grounds for skepticism, and most people have decided to steer clear of the crypto playground or deal with it with a very long rope. Yet, as with any new emerging technology, there are a good number of people, including big shots, who believe greatly in crypto and blockchain.
Henry Kravis now joins these new big shot investors who are aiming at crypto.