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DeFiance founder: The second phase of the fund achieved an 8-fold increase in AUM within one year

DeFiance founder: The second phase of the fund achieved an 8-fold increase in AUM within one year

CointimeCointime2024/06/17 04:55
By:Cointime

On June 17th, DeFiance Capital founder and CEO Arthur Cheong wrote a post on X platform reviewing the development history of the fund. Initially, Arthur personally invested less than $100,000 in cryptocurrency. In January 2020, Arthur decided to establish a fund focused on DeFi called DeFi ance, with an initial capital and committed capital of less than $2 million. However, due to market changes, the plan was temporarily shelved in March 2020.

With the arrival of DeF iSummer, DeFi ance's vision was validated, and plans to establish the fund were continued. Ultimately, DeFiance was established with a size of less than $20 million.

Arthur added that at the peak of DeFiance, AUM exceeded $500 million, but was subsequently affected by the 3AC bankruptcy event. Later, when DeFiance launched its second fund, it encountered the collapse of FTX. To this day, DeFi ance is still resolving legal disputes with the first fund and FTX. The size of the second fund at launch was even lower than the first, and the market environment was more competitive, but the AUM of the fund still grew 8 times within a year.

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