Pantera Capital Hedge Fund Lost 50% of Assets in March

This month was the worst month in our model's 27-month history, co-chief investment officer of thee fund said
11 April 2018   630

Specializing in blockchain industry investments venture company Pantera Capital announced that its digital assets fund lost nearly half of its funds in the past month. The company stated this in a letter to investors, CNBC reports.

This was a really rough month for the Digital Asset Fund and the space in general. We're in a market with around 100 percent annualized volatility and this month was the worst month in our model's 27-month history.
 

Joey Krug

Co-chief investment officer, Pantera Capital,

The message notes that since December 1, 2017, the fund of digital assets has lost only 3.1% in comparison with bitcoin, which for the same period fell by 37.4%. At the same time, for last March, Pantera assets decreased by 45.7%.

This performance is basically in line with our expectation — given the huge move in the market as a whole.
 

Joey Krug

Co-chief investment officer, Pantera Capital,

At the same time, bitcoin fell by 34% between March 1 and April 1. BTC started the month at a level higher than $ 10,000, after which it began to slip smoothly into the area of ​​$ 6,000 after the statements of a number of regulators and increased sales activity on the eve of the tax season.

It is noted that 2017 was a record year for bitcoin - the coin grew by more than 1300% and almost reached $ 20,000. This helped the Pantera Capital fund increase its assets by about 20,000% by December. In a letter to investors, it is also said that despite a fall of almost 50%, the fund still boasts an income of more than 10,000% since its inception in 2013.

Also, cryptocurrency transactions are subject to capital gains taxes, so Pantera and other investors attribute the current price pressure to "investors beginning to realize tax obligations."

A portion of the selling pressure on the market in general has been unintended tax positions. There were $300 billion of capital gains created last year. That could have caused a decent chunk of the sales.
 

Dan Morehead

CEO and co-chief investment officer, Pantera Capital

It is noted that bitcoin became one of the main reasons for the negative results of the fund in March. This year, BTC lost more than 50% and at the time of publication is trading around $ 6,800. In turn, the fall in the rate of Ethereum, Dash and Waves also proved to be one of the main negative factors, the message says.

At the same time, representatives of Pantera announced investments in the Ethereum competitor, but noted that they can not yet announce the name of the company.

If you had a portfolio of IPOs — one was Pets.com and one was Amazon.com — it doesn't matter what the rest were. You made a great return.
 

Dan Morehead

CEO and co-chief investment officer, Pantera Capital

Last month, Pantera Capital, which manages assets worth about $ 724 million, also announced the launch of a third venture fund aimed at blockchain. It was noted that the new organization will concentrate on P2P-transactions, fintech, artificial intelligence and machine learning.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.