Michael Arrington Declares $100 Million Funding Plan for Ripple’s XRP
Another bombshell was dropped in the blockchain industry this week.
In a conference held by Coindesk in New York on Monday, Michael Arrington, the founder of TechCrunch, announced that he is raising $100 million for a hedge fund to invest in crypto-currency XRP, token sales, other equities and debt.
‘Some people think this is crazy and that we’re on the edge of a bubble-bursting meltdown in cryptocurrencies values. After all, a year ago the total market value of all cryptocurrencies was just shy of $14 billion. Today it’s over $300 billion,’ He wrote in his blog post. ‘many people argue, “Not jump in with both feet.” Others, however, argue that we’re just getting started in crypto. I’m one of those people.’
XRP was launched by Ripple, a San Francisco-based blockchain firm, and the exchange of the crypto-currency hit 4-week high earlier this month after the company’s cooperation with American Express to build a blockchain cross-boarder payments system was released.
‘In the last several months, I’ve gone from crypto enthusiast to 100 percent crypto. I’ve only been looking at crypto deals. This is what I think I’ll be doing the rest of my career.’ Arrington said.