New reports are indicating that some well-known investment firms are teaming up to form a fund that focuses on digital currencies, namely bitcoin.
Fortress Investment Group, Ribbit Capital, and Benchmark Capital are joining Pantera Capital to form a new venture dubbed Pantera Bitcoin Partners, LLC.
The move comes not long following news that Fortress’ stash of bitcoin has lost a significant amount of value.
It also highlights the closing gap between the bitcoin ecosystem and Wall Street.
“We’re very excited about the promise of Bitcoin and how it can transform the way we move money,” said Pantera founder Dan Morehead. “The promise and possibilities here are very broad.”
Pantera Bitcoin Partners will be controlled by Pantera Capital, and according to the Wall Street Journal, “will allow minority equity partners Fortress, Benchmark Capital and Ribbit Capital to manage their existing and future bitcoin-related investments through the fund.”
With billions of dollars worth of assets under management, it’s interesting to see these firms get involved in the bitcoin movement.
This week, it was announced that the four firms had made investments in Xapo, a cold storage solution for bitcoin and other digital currencies.
Read the full reports at The Wall Street Journal and The New York Times.
