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Several people who used to work for Radkl are leaving to start a new quant hedge fund

Radkl, a cryptocurrency market maker, has lost a group of its traders who have decided to start their own quant investment fund specialising in digital assets.

F9 Research is a new cryptocurrency hedge fund led by Jim Greco, Jason Bell and Allan Erskine that would, according to a source, trade on both decentralised and centralised marketplaces. The new fund’s CEO will be Greco.

We quit Radkl to start our own cryptocurrency trading firm, Greco told The Block. More than 30 investors, including some of the world’s largest institutions, have been lined up by F9 Research, according to a source. When asked about the company’s assets under management, Greco refused to answer.

In addition to his role on the board of Gemini, Greco has previously worked for Getco, a high-speed trading firm. With Bell and Erskine, he served as Radkl’s head of trading. Erskine formerly worked at Citadel, while Bell was a managing director at BNY Mellon.

Radkl, a GTS spin-off that is said to have Steve Cohen as a sponsor, was founded last year. The New York Stock Exchange has approved GTS as an authorised market maker for US equities and exchange-traded funds.

The announcement of the new fund comes at a time when a number of new crypto venture investment funds have been launched over the past year, including Paradigm and FTX.

Compared to their traditional market equivalents, crypto hedge funds, which tend to focus more on liquid bets than longer-term private bets on startups, saw great returns in 2021.

Hedge Fund Research data, according to The Block, shows that crypto hedge funds returned 214% in 2021. During the year of 2021, Bitcoin gained 48.5 percent. Meanwhile, the Bloomberg Galaxy Crypto Index saw a gain of 153.39%. A cryptocurrency called TCAP, which relies on oracles to keep tabs on the entire market, gained 185 percent in 2021.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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