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Hedge Fund Billionaire Calls Blockchain Web 3.0

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Keen EOS supporter and ex-hedge fund manager Mike Novogratz spoke at Blockchain Week Korea where he outlined his ideas regarding institutional investment in blockchain technology.

Novogratz, who made his billions running a hedge fund at Fortress Investment Group, has stated that he believes institutional investors will see blockchain as Web 3.0. He thinks it is inevitable that they will take part in ICO’s which would bring a huge amount of capital into the cryptocurrency sector.

After a couple of failed investments in 2015, Novogratz was forced to close his fund but has since returned to the financial world after making a significant profit from Ethereum last year. He has since launched a merchant bank to trade in cryptocurrency and invest in blockchain startups.

In a press conference with financial news outlet The Street, he discusses ways in which venture capital funds will play a part in bringing further institutional investment into the crypto market. A number of funds already exist, like Pantera and Polychain, and big venture capitalists like Japan’s SBI bank are getting more involved every day.

He also spoke of his faith in the EOS network, the advantages leveraged from a delegated proof of stake blockchain and how security tokens don’t suffer from the volatility of most cryptocurrencies.

Image From Shutterstock

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