The head of PwC’s crypto business has left his position at the Big Four accountancy firm to launch his own “crypto asset management firm” with a view to drawing institutional investors into cryptocurrencies.
The new fund, Nine Blocks Capital Management, is set to use a $75m initial investment from Hong Kong fund Nine Masts, to open new offices in Dubai, with the newly-launched firm having already set up physical offices in the Cayman Islands.
The plans come as Dubai is increasingly seeking to position itself as the world’s leading crypto hub via its business-friendly approach to digital currencies.
The launch is set to see PwC’s former Global Crypto Leader Henri Arslanian set up “the world’s leading institutional grade crypto asset management firm,” with a view to bridging the gap between traditional finance and crypto.
“We believe that institutional investors want digital assets exposure but via fund managers who have an established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements,” Arslanian said via Twitter.
The new fund plans to use arbitrage and quant strategies to capitalise on “inefficiencies” in crypto markets.