BlockTower Capital, a virtual asset-oriented investment group, seems unruffled by the protracted weakening in the virtual asset market. Instead the firm is continuing with its intention to expand its operations.

Launched by former Goldman Sachs investment manager, Mathew Goetz, the hedge fund recruited more personnel this financial year, in addition to opening new offices in spite of the declining crypto market.

The firm has increased the number of its staff to thirteen, which is much more than the number it had at the beginning of 2018. Additionally, the headquarters in Stamford, Connecticut, has established another branch in New York.

By and large, the firm’s plans is actually in defiance of the bearish market trends which has been prevalent all through a major part of this year. By looking at indications by crypto-related hedge funds, there is a decline of approximately 52% year-to-date. As a matter of fact, the main crypto, Bitcoin, has lost 54% of its value over the same period of time.

It is worth noting that unlike 2017 when 156 hedge funds were launched, 2018 has seen a decline is the same, where only 96 hedge funds have been unveiled. Pundits argue that the new hedge funds are better placed to thrive, especially since they were launched after Bitcoin’s peak.

According to Jessica Schaefer, the spokesperson of BlockTower Capital, the firm is indeed spreading out its operations. It is no wonder that Eric Friedman has been appointed the head of its venture strategy to assist in the expansion agenda. Previously, Friedman worked for an incubator startup known as Expa.

The firm has also appointed Corey Miller who previously worked for VC outfit Scout Ventures, as well as Siyu Dalai, previously attached to the Bank of America Merril Lynch and Nomura. Additionally, Steve Lee has also been hired, he was headhunted from Goldman Sachs.

Since it was launched, BlockTower has been attractive to investors from acclaimed venture capital groups who are interested in the virtual asset market. This comprises of Union Square Ventures and Andreessen Horowitz. The latter has set aside a $300 million fund to invest in virtual asset firms.

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