The fund focuses on altcoins and requires potential investors to have a minimum $2.5 million net worth.
Blockchain investment firm Fortis Digital Ventures is raising $100 million for a digital asset fund with an altcoin focus that aims to bridge the gap between traditional and decentralized finance (DeFi), according to a press release. The fund requires clients to have at least a $2.5 million net worth to invest.
“Bitcoin remains a solid investment, but it is so widely traded now that it lacks the significant growth potential other more cutting edge altcoins can provide,” the company said.
The firm was founded by the managing partners of Fortis Financial Group, a Seattle-based registered investment adviser with about $250 million in assets under management. The Fortis Digital team includes Mike Boroughs, who led wealth management at Fortis Financial, and Chris Capriccio, who previously served as the vice president of engineering at LegalZoom, a company that helps customers create legal documents online.
“While still in its very early innings, we believe the efficiencies and value created through blockchain ecosystems will accelerate global GDP (gross domestic product) and usher in a new era of disruption and innovation,” Boroughs said in the press release. “Our goal is to help people get into Web 3 and crypto at the ground floor to participate in the upside of a generational paradigm shift in technology.”