According to a recent securities filing, US-based digital assets management firm Morgan Creek Capital has raised yet another $10.1 million issued under its ”Blockchain Opportunities Fund II.” The fund will likely go towards harnessing opportunities in the blockchain industry and gives the asset manager more capital to boost the emerging industry.
When added to the $60.9 million it acquired last October, the latest fundraise means that the SEC-registered company now has a $70 million capital so far for the same purpose. The firm is yet to disclose exactly how it plans to utilize the fund and what sectors of the blockchain space will benefit.
The filing form duly signed by the Chief Compliance Officer at Morgan Creek Alternative Funds, Robin Butler, shows that the latest funding came from 28 investors.
Blockchain looks promising for investors
Although blockchain dated back to Bitcoin’s creation in 2009, the technology behind the now-famous cryptocurrency transcends beyond financial service technology.
It has long been established that there is greater usage for blockchain in many industries other than cryptocurrency.
Though young, the tech has established several use cases like keeping track of healthcare records and digital identity management, and tax collection records.
Earlier investors like Morgan Creek Capital will greatly benefit if the technology eventually takes off.
Meanwhile, Morgan Creek’s involvement with the blockchain and crypto space includes a $40 million fundraise in February 2019. The fund was remarkable since it counted among its investors two U.S pension funds, Fairfax County Police and Fairfax Employee Pension Plans.
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