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Investment Startup Bitwise Raises $4 Million in Funding



Cryptocurrency investment startup Bitwise has raised $4 million in seed funding.

Supporting Bitwise in the raise are investors Kholsa Ventures’ Keith Rabois, General Catalyst’s Hemant Taneja and Blockchain Capital.

Also chipping in as investors are Naval Ravikant, Suna Said, Adam Ludwin, Adam Nash and Elad Gil, among others.

The funding arrives as the firm launches its HOLD 10 Private Index Fund.

What is Hold 10?

HOLD 10 is a way for investors in the U.S. to gain exposure to the cryptocurrency market without buying digital assets.

Initially announced in October, HOLD 10 focuses on the top 10 cryptocurrencies by market capitalization.

It allows members to invest in bitcoin, ether, bitcoin cash and other major cryptocurrencies.

This is made possible so long as it is within the $466 billion market.

The fund’s co-founders are Hunter Horsley, a former Facebook and Instagram product manager.

Horsley is also a Wharton graduate.

The other is Hong Kim, a Google veteran and former Korean military software security expert.

Bitwise plans for HOLD 10 to be a passive fund for users.

HOLD 10 allows them  them to invest in the fund and let it handle the rest.

The fund will account for hard forks and “airdrops” of free tokens.

It will follow trading volume to find the most promising tokens in which to invest.

Horsley said:

“For example, in November, bitcoin was up 58 percent and other top 10 coins like bitcoin cash, dash, and monero were up over 100 percent.

“As a result, the HOLD 10 Index was up approximately 64 percent while having around 37 percent less volatility than bitcoin.”

Bitwise put its index through examination from the start of 2017.

Horsley said it found that had it been launched at the start of January, HOLD 10 would be up 1,750 percent.

HOLD 10 was initiated in an effort to make it easier for people to invest in cryptocurrencies.

This goes out for those who do not have the means to manage their own portfolio of digital assets.

“We constantly hear people say that they’d like to invest but it’s too complicated and risky to actively manage a portfolio yourself,” Horsley said.

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