The infrastructure for institutional investors in the crypto market continues to gain steam despite this year’s relentless bear market. Most recently, Israel-based crypto investment fund Silver Castle, which targets institutional and accredited investors, unveiled two crypto funds in November with another fund waiting in the wings and is targeting $50 million in assets under management (AUM) by year-end, according to Bloomberg.
Silver Castle Raising $50 Million for Crypto Funds
Meanwhile, the combined value of the crypto market, which is currently hovering at $170 billion, continues to reel. Bitcoin has lost nearly three-quarters of its value since last year’s peak, as crypto funds, of which there are hundreds, oversee a combined $10 billion in AUM, based on data from Autonomous Research.
“We spent close to a year building robust infrastructure for managing other people’s money at the level of institutional grade with very, very high security,” Silver Castle CEO Eli Mizroch told Bloomberg.