Former BlackRock Specialists Created Bitcoin Hedge Fund

Two ex-BlackRock fixed income managers have joined forces to set up a cryptocurrency hedge fund called Prime Factor Capital
01 February 2018   809

Adam Grimsley, who was a fixed income specialist for eight years at the BlackRock fund giant, and Michael Wong, who headed up fixed income asset allocation, have teamed up to launch Prime Factor Capital with Nic Niedermowwe, who entered the crypto space in early 2017 with a market-making business.

Niedermowwe will head up the new firm as chief executive while Wong and Grimsley will be CIO and head of investment solutions.

We want to become the BlackRock of crypto asset managers. Regulation is still in its early stages but it is evolving rapidly and we are working with regulators to ensure we are ahead of the game.


Nic Niedermowwe

The trio said they have seen the most demand from family offices, high-net-worth clients, and professional investors, while they predicted institutions to move in as well eventually. to Implement BIP70

BIP 70 has been criticized by the crypto community since its implementation
27 September 2018   391, the "daughter" of the Bitmain mining company, introduced support for the questionable payment protocol BIP70.

According to representatives of, the implementation of the protocol will allow to replace long purse addresses with readable ones (for example, instead of 1BQ9qza7fn9snSCyJQB3ZcN46biBtkt4ee).

The system will also include a transaction confirmation function and automatic generation of return addresses.

At the beginning of the year, BitPay began using BIP 70 as the standard for generating invoices, forcing users who create Bitcoin and Bitcoin Cash payments for BitPay sales agents to use BW-70 compatible wallets.

According to BitPay, this solution allowed reducing the number of errors in the payment network to 0.27%. For comparison, in June 2017, the same indicator was 10%.

We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants.

Alejandro de la Torre
VP of Business Operations,

For the first time the BIP70 scheme was proposed by the developers of bitcoin Gavin Addressen and Mike Hern. With its help, they planned to improve the quality of conducting crypto-currency transactions in the commercial segment of the market.

BIP 70 has been criticized by the crypto community since its implementation, unlike the generally accepted BIP 21 scheme. Some believe that it has introduced the risk of tracking transactions in blockchain records. The situation was also aggravated by the emergence of OpenSSL vulnerabilities.

However, representatives of assure that users should not be afraid of anything.

Earlier, the developers of Samourai Wallet urged companies and users to boycott BitPay services. The BIP70 was named as the reason.