Tether Co-Founder and Former Blackstone Executive to Establish 'Cryptocurrency Reserve Fund'
Summary
- It was announced that the co-founder of Tether and the former Blackstone executive will collaborate to establish a cryptocurrency-based reserve fund totaling $1 billion.
- The fund is expected to hold various tokens, such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
- A representative said that capital fundraising goals and details may be subject to change in the future.
The co-founder of the stablecoin issuer Tether (USDT) and a former executive of the world's largest private equity firm Blackstone are joining forces to establish a cryptocurrency-based reserve fund worth $1 billion (approximately ₩1.37 trillion).
According to Bloomberg on the 26th (local time), Reeve Collins, Tether's co-founder, and Chinh Chu, former Senior Managing Director at Blackstone, will raise a crypto asset fund through the special purpose acquisition company (SPAC) M3-Brigade.
Jaime Leverton, the former CEO of Hut 8 Mining, will serve as the CEO of this fund. Wilbur Ross, former U.S. Secretary of Commerce, and Gabriel Abed, Chairman of the Board at Binance, are expected to serve as vice chairmen.
A representative stated, "The company plans to hold a variety of tokens, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)," and added, "Details, including the $1 billion capital target, are subject to change in the future."
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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