Casey Pond, Principal of Flagship Capital out of Fort Lauderdale, Florida, announces the company’s hedge fund is officially entering the crypto space and possibly on multiple fronts.
In the last 12-18 months, institutional capital has flooded the alternative investment sector. “Crypto has now taken a market share of a $100 trillion global market. In just 4 years, it has grown from $18bn to $1.7 trillion, and it’s time for Flagship to start giving it a lot more serious consideration,” Mr. Pond shares.
Institutional investor demand for access to Bitcoin and other digital currencies is only rising, and Mr. Pond says he is able to witness it firsthand. “Miami, and really all of Southeast Florida, is becoming the Silicon Valley of cryptocurrency. It is impossible not to feel the energy and excitement for it right now, so we decided it was time to enter the space as well.”
Flagship forecasts their crypto strategy will launch before the end of August, sharing that “for the last 3 months, we have been doing our due diligence, interviewing and leveraging strategic partnerships to get crypto on our platform, and we are very excited to finally get this launched before the end of the summer.”
As Flagship rolls out their crypto trading strategy, that may not be their only involvement in the space. Mr. Pond stated that they are also considering launching a venture capital fund. “We are currently in early stage discussions about potentially joining Boss Bank to help with their cap raise for the entire seed round.”
Mr. Pond shares that BOSS will be a private crypto bank out of Miami, and he is very excited about its potential. “BOSS is currently in its development phase with its prototype, but it has the potential to be a disrupter across a handful of different industries. Between member access to exclusive on-demand luxury concierge services, AI, blockchain, and quantum computing for travel, it is truly an all-in-one application. With the concierge services, one industry it can potentially really disrupt is the rideshare industry. This is more of a ‘white glove’ quality approach rather than the quantity approach that rideshare is currently identified with. And there is the boss coin, specifically for DeFi rewards holders. With crypto really turning the corner and the growing appetite we are seeing for it, the timing for BOSS is perfect as they begin seeking seed capital. I anticipate it being oversubscribed fairly quickly as they start rolling it out.”
As 2020 was a real breakthrough year for the space as a whole with interest seeming to accelerate at the beginning of the pandemic, crypto is becoming more mainstream as the space sees pools of capital inflows, and Flagship Capital is ready to dive in.