Komal Joshi · Oct 30, 2020 . 6min read
Morgan Creek Digital has raised $10 million in second round of a $250 million target
Summing this round and last year's funding Morgan Creek Digital brings it to a total of $71 million raised.
By Victor Ugochukwu · Oct 18, 2020 . 6min read
Morgan Creek Digital, a cryptocurrency-focused investment firm, appears to have raised more than $10 million according to a recent document from the United States Securities and Exchange Commission (SEC).
The fund was launched about last year and went to raise about $61 million from a total of eleven investors. However, according to the SEC document filed by Morgan Creek Digital, Morgan Creek Blockchain Opportunities Fund II, LP in this new raise brings the total number of investors to 28. Summing this round and last year’s funding brings it to a total of $71 million. Consequently, it shows that Robin Butler, Morgan Creeks Digital Chief Compliance Officer at Morgan Creek Alternative Funds signed the document.
The fund continues to attract funding from reputable bodies, especially in the United States. Fairfax County Employees’ Retirement System and the Police Retirement Fund participated in the last two rounds. The funds invested up to $50 million in Morgan Creek Digital.
Although the SEC filing didn’t state precisely how the funds will be utilized, antecedents show it is targeting interesting firms. Morgan Creek has invested in a series of blockchain projects. And in many such cases, it contributed nothing less than $1 million. In August, it led BlockFi, a cryptocurrency lending platform to raise $50 million in a Series C round.
Morgan Creek Capital believes a bankless society is inevitable.
Morgan Creek Digital is an offshoot of Morgan Creek Capital whose CEO believes cryptocurrencies like Bitcoin is already fuelling a silent revolution. In a recent interview, CEO Mark Yusko told the Brazilian Dash-focused YouTube channel Dash Dinheiro Digital that people would be able to “bank themselves through crypto.” And this will happen in no long time from now. However, Yusko is not in any way, suggesting that banks will disappear in its entirety.
“We will still need banks to do lending, digital currencies, or digital fiat to go along with crypto at the core.
Nonetheless, the world is increasingly moving towards a borderless state and will therefore need a borderless currency. Bitcoin enthusiasts constantly tip the asset to overthrow the dollars as the reserve currency. Yusko and Anthony Pompliano co-founded by Morgan Creek Digital in 2018. And Pompliano is a popular bitcoin bull who continuously advocates for institutional funds to get into bitcoin or lose out.
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