Billionaire Steve Cohen Withdraws Support For Crypto Startup Radkl

© Reuters. Billionaire Steve Cohen Withdraws Support For Crypto Startup Radkl

Steve Cohen, the famous billionaire and owner of American multi-strategy hedge fund Point72 Asset Management, has reportedly lost confidence in Radkl, and has thus rescinded his investment in the crypto startup.

According to reports, one-year-old Radkl has lost two managing directors this year, including Jim Greco, who quit in January this year to become a General Partner at F9 Research, and Beatrice O’Carroll, who tendered her resignation just recently. The team listed on Radkl’s website has now shrunk to four members.

The recently established quantitative trading firm was modeled to start proprietary trading in digital assets. Radkl claims to hold the goal of bringing “institutional-grade experience from Wall Street to crypto markets everywhere.”

In September 2021, Radkl grabbed major headlines as it received support from New York Mets owner Steve Cohen. According to statements made at the time, Cohen intended to “make investments in [the] crypto world through various avenues” without getting involved in the day-to-day operations of the start-up itself.

Radkl’s Loss Of Sole Investor

Radkl, once lauded as a “Cohen-backed crypto venture,” gained significant media attention for breaking ground with its “sophisticated, high-speed, computerized trading models” for investing in cryptocurrencies, digital assets and decentralized finance. The company was started by a collective of Wall Street investors who had intended to apply quantitative models to digital assets across multiple blockchains.

However, after losing Cohen, Radkl potentially finds itself in a tough position. According to Crunchbase, a popular platform listing the business information of both public and private companies, Radkl has lost its sole investor.

Founder’s Focus On Regulation Of Digital Assets

Meanwhile, Radkl Founder Ari Rubenstein has been vocal about the regulation of digital assets in the U.S. Commenting on the bipartisan bill to regulate stablecoins, Rubenstein tweeted:

"Bank-like" regulation is a good thing, but what's even better is that it's bipartisan. I am happy to see politicians working towards a common goal - even if it's more regulation - for once. https://t.co/qjBCWBcXF0

— Ari Rubenstein (@AriGTSX) July 25, 2022

Further saying, “I am happy to see politicians working towards a common goal – even if it’s more regulation- for once.”

On the Flipside

• Market rumors suggest that former Radkl employees intend to launch a new quant hedge fund.

Why You Should Care

• Users on crypto Twitter (NYSE:TWTR) are wondering what the next step could be for Radkl, as the withdrawal of Cohen could dilute the company’s pool of investment backers.

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