Amidst the bear market, which the whole of the crypto market has been going through for some time, several changes have occurred. Some changes for the better and some. for the worse. However, the fact that it is one of the worst periods that the crypto market has been going through, is undeniable. In the chaos of this bear market, the hedge fund billionaire Steve Cohen has reportedly exited Radkl, a crypto startup. It has given rise to several speculations and those related to it are constantly looking for reasons behind it.
This article endeavors to explore the reasons behind it and present a clear picture to the users and to the people involved in the crypto market in one way or another.
Let’s take a look at the reasons leading to the exit
As per the reports suggested by the infamous Bloomberg, in which a Radkl spokesperson was cited saying that Cohen has limited his exposure to the world of crypto and the whole system followed by his exit from the trading firm. He has also limited his association with crypto investment.
He was further voted saying that despite the recent events Radkl has been able to run its usual course and has been able to maintain its previous stance. He, more accurately, has stated that even after Cohen’s exit from the form the firm has been able to remind well capitalized with the presence of its current investors. The firm is believed to be in good shape and further aims at growing and flourishing more in the future.
A peek into Cohen- the investor
Steve Cohen, an American investor, is quite infamous for his trade and has earned a reputation in the crypto industry. His net worth is supposed to be more than 17 billion dollars. He has also been known for his tremendous efforts in supporting the crypto as well as the blockchain projects with the help of his portfolio as well as the Point72.
It had also been reported recently that Steve Cohen was also a major part in a 50 million dollars funding round which was related to a nonfungible token company namely Recur. Apart from this, Point72 also supported or funded a 21 million dollars funding round for the firm Messari.
A peek into Radkl and its functions post the exit of managers
It also came to light that the firm Radkl lost four of its managers in the year 2022. However, information posted in the form of job openings for the company on their website, it was reported that a vacancy for a single post has opened up. It enlisted a requirement for a Linux engineer in its New York base. Similarly, Point72 also hired some eligible candidates to head the hedge fund crypto arm. It was done in an attempt to get the digital asset trading aspect to new heights and new levels.
The recent investment made by the two companies was done amidst one of the worst years that cryptocurrency has been going through and which has affected major crypto assets such as Bitcoin and Ethereum. However, no matter the type of bear market the crypto industry has been going through, it has been found through various reports that hedge funds are well prepared to increase their exposure to the crypto market in the coming times. It is an attempt, as suggested by the firm Point72, to bring the crypto industry closer and closer to more individuals and businesses over time. It is an attempt to make the crypto industry spread all over the globe.