Appearing on the panel of CNBC’s popular American post-market show, Fast Money, Christopher Matta (Co-Founder, Crescent Crypto Asset Management) explained why he left Goldman Sachs last fall to co-launch a passive crypto index fund. Matta also discussed Thursday’s significant revelation involving the SEC, before going on to provide comment on what requirements he believes need to be met before the nascent cryptocurrency asset class is able to accommodate an influx of institutional-based capital.
Matta, having recently left his role as Vice President at the investment banking giant – where he was responsible for the management of over $7 billion in assets for the Goldman Sachs Philanthropy Fund and Trust Company – told Fast Money that his decision was the result of “perfect timing,” having observed first-hand the acceleration in demand for “a complexity-free product” that didn’t involve paying exorbitant fees to active crypto fund managers.
Whilst encouraged by Thursday’s much-publicized comments made by the director of the SEC’s corporate finance division, William Hinman, Matta concluded that “this is just one piece of a broader picture.” Questions that “really need to be answered before more institutions feel more comfortable” entering the space, he believes, pertain to matters of custodianship and exchange-traded products (ETPs).
Exchange-traded products are something that we’re really focussed on as a big catalyst in the space over the next year or two.” – Matta
For one of the Fast Money panel members, Brian Kelly (Founder & CEO, BKCM LLC), Hinman’s comments represent yet another roadblock the cryptocurrency asset class has managed to overcome. Liquidity, he told viewers, had previously caused issues for crypto fund managers, but “has improved a lot over the last six months.”
— CNBC’s Fast Money (@CNBCFastMoney) June 14, 2018
Leading Fund Creator Goes Zen
One of the more prominent players in the crypto fund space, Grayscale Investments LLC, announced on Thursday the ‘Zencash Investment Trust’; a product focused on the emerging cryptocurrency Zencash (ZEN) – a private, decentralized, and reliable platform for communications, transactions, and publishing.
This new offering, which is expected to go live in 3Q18, marks the ninth passive investment vehicle launched by the Digital Currency Group Inc. subsidiary for the year; indicative of the flourishing realm of crypto funds.
ANNOUNCEMENT: We are excited to share that we will launch our 9th product, ZenCash Investment Trust, during Q3!
— Grayscale (@GrayscaleInvest) June 14, 2018
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