Steve Cohen, the founder of Point72 Asset Management, credits his interest in cryptocurrencies to his son. Mr. Cohen, whose net worth is a massive $16 billion, took time to learn about crypto over a span of 6 months. He met with as many people as possible to gather knowledge on this new market before he ventured in. The 65-year-old billionaire has participated in fundraising for the NFT tech startup RECUR.
What is RECUR?
Recur is a technology-based startup company that deals with “on-chain branded experiences.” The company makes it easy for customers to purchase NFTs and resell them. On September 13, 2021, Steve Cohen jumped into the NFT craze. The hedge fund billionaire led a Series A $50 million fundraising for RECUR. Mr. Cohen has an independent venture capital firm called DIGITAL that is dedicated to metaverse-related project financing.
Before this, Mr. Cohen’s last action in the crypto industry was in early August when his Point72 Venture firm participated in a $21 million funding of Messari.
What is Radkl?
Radkl is a trading firm dedicated only to digital assets trading. The new crypto trading firm launched on September 14, 2015. The company did not disclose the amount of financial support it received from Mr. Cohen. However, the spokeswoman for Radkl said the company would be trading crypto assets under the expertise of a team from GTS in New York. GTS is a market maker in all types of tradeable financial instruments, trading over 10,000 financial products globally.
Is Steve Cohen Going All-in in Crypto?
It would seem like the hedge fund billionaire has finally made up his mind about the issue. Talking at the Skybridge Alternatives Conference, he said that his son, a crypto maniac, has really convinced him that crypto was something he needed to do.
Investing in an NFT startup company and a digital asset trading firm in a span of one week shows full support for the still budding ecosystem. Mr. Cohen is one on a growing list of billionaires who have been forced to take the matter of cryptocurrencies and NFTs seriously after trying to avoid them for so long. The crypto community indeed thanks Cohen’s son 🙂
Mr. Cohen has expressed interest in the metaverse, and he is doing something about it. RECUR is building a virtual world in which people can interact through avatars and trade NFTs. He expressed his amazement at the possibility of people buying virtual real estate, outfits, and cars for their avatars like in Axie Infinity.
What Does This Mean for NFTS?
This development is good for the NFT space. Moreover, billionaires dipping their feet into the murky waters that are NFTs will cause the industry to become legitimate. Such powerful people influence a large following of potential investors who are likely to follow in their footsteps.
Parting Shot
Elon Musk with Tesla, Jack Dorsey with Square Inc., Michael Saylor with MicroStrategy, and now Steve Cohen with Point72 Ventures are already been onboard the crypto bus. Apart from that, nations are also adopting cryptocurrencies. The crypto revolution is more real now than ever.