CoinShares opens hedge fund targeting expansion outside Europe, bridging traditional finance with digital assets amid regulatory challenges.
- Tim Grant, who until September served as head of EMEA for Galaxy Digital, will serve as CEO of Deus X Capital.
- Grant will lead the firm as it looks to deploy the $1 billion within different opportunities in the crypto space.
Deus X Capital Launches With Tim Grant as Its CEO
Deus X Capital, a family office-supported investment entity, announced its launch today, naming Tim Grant as its CEO, as revealed in an official release.
Starting with a robust $1B in assets, the firm’s portfolio incorporates existing investments and funds earmarked for opportunities in private equity, venture capital, and fund allocations, particularly in digital assets, blockchain, fintech, and institutional capital markets.
Previously, Grant served as the Head of EMEA at Galaxy Digital under Mike Novogratz. Before that, he was CEO at SIX Digital Exchange and was associated with the financial giant UBS.
The company also declared the appointment of Stuart Connolly as its Chief Investment Officer.
Addressing the prevailing financial infrastructure, Grant remarked,
“Our current financial system is costly, cumbersome, and tends to benefit a select few. We aim to invest in and foster the most groundbreaking businesses in the digital asset, fintech, and capital market sectors.”Tim Grant
Deus X Capital’s notable investments are shares in public entities such as the crypto-centric financial service provider Galaxy and the asset management titan Hilbert Group (HILB).
Additionally, they have invested in a variety of hedge funds. Deus X Capital operates with a global investment approach from Malta, London, and the UAE.
Lack of Capital in the Crypto Industry
Venture capital investment in the crypto sector has seen a noticeable dip this year.
Whereas the combined investment in Q1 and Q2 of 2022 reached a staggering $20.3 billion, 2023 has witnessed a marked downturn.
Crypto-focused VC deals in Q1 2023 amounted to only $2.6 billion, and Q2 fared slightly worse with approximately $2.1 billion over 292 funding rounds, marking one of the lowest points in crypto fundraising history.
Talking about the Q3, the amount of fundraising pumped a little, but we’re still far away from the numbers we saw in 2021 and 2022.
The bearish market partially caused this we’re caught in. The collapse of Luna and FTX has made big VC funds and capital deployers believe crypto is more of a scam, driving the people and the liquidity away.
Regulations have affected some of the biggest crypto companies, like Binance and Coinbase. They used to give away lots of money through fundraising and VC deals.
These companies are more worried about staying alive than helping the crypto space grow, hurting the whole industry.
Will the crypto industry get more money in 2024? We’ll see, but right now, the shortage of available cash is pretty worrying…