Fortis Digital Ventures raises $100M digital asset fund
The Seattle-based blockchain investment firm was founded by the managing partners of Fortis Financial Group, who have $250 million in assets under management.
Fortis Digital Ventures is raising $100 million for a digital assets fund that will be focused on altcoins. According to a statement shared by the company with CoinDesk, the fund aims to bridge the gap between traditional and decentralised finance.
Fortis Digital Ventures was set up by the managing partners of Seattle-based investment firm Fortis Financial Group, which currently has over $250 million in assets under management, deployed towards traditional finance.
The company will be focusing on altcoins because it believes the growth potential for Bitcoin has saturated due to its mainstream popularity.
“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,” it said.
Managing partner Mike Boroughs said that fund aims to help investors get in on the ground floor of an opportunity that will "revolutionise" the global gross domestic product (GDP).
“We believe the efficiencies and value created through blockchain ecosystems will accelerate global GDP and usher in a new era of disruption and innovation,” he said. “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.”
The fund requires clients to have a net worth of at least $2.5 million to participate.
Edited by Saheli Sen Gupta
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