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Eric Wall, a former blockchain lead at Cinnober, has joined Oslo, Norway-based Arcane Crypto, a bitcoin investment fund targeting high net worth Scandinavians and institutional investors around the globe.
Wall told CoinDesk that he joined the fund after NASDAQ acquired Cinnober, a financial technology provider to brokers, exchanges and clearinghouses, last year. During his three-year stint at Cinnober, he used to explain crypto to people in traditional finance.
Founded in 2018 by Norwegian investors Ketil Skorstad and Khristian G. Lundqvist, Arcane Crypto is an investment branch of crypto firm Arcane, which runs a technology team, trading arm, and Kryptografen.com, a Norwegian online news portal focused on cryptocurrencies. The company is also backed by Morten Klein, a poker player and chairman of the Swedish casinos company Cherry.
According to the official website:
“Arcane Crypto sees great potential in cryptocurrencies and open blockchains. We particularly see big opportunities related to second layer technologies such as the Lightning Network. We are committed to contribute to this ever-growing ecosystem of programmable money, but are looking for opportunities to make money along the way.”
Wall did not reveal the assets which Arcane will be focusing on, but said that outperformance distinct from bitcoin revaluation would be the metric:
“I expect that the metric that really matters is how funds perform against bitcoin. Once the dust starts to settle on that, it’s going to be clear who’s been swimming naked.”
He further said that some altcoins could also be included in Arcane’s portfolio, but only after meeting strict criteria.
“We are seeing a maturing trend in the altcoin market. It’s already very different now than it was a few years ago. It’s becoming harder and harder for technically inept projects to fake-it-til-you-make-it. There’s only in a very few, select areas in the cryptocurrency design space that has merit to compete against bitcoin.”
