This hedge fund is raising millions to trade DeFi tokens like YFI and LEND
A crypto-focused hedge fund is now accepting investors and raising funds for the launch of an algorithmic hedge fund to generate profits from the rapidly growing decentralized finance (DeFi) market, as per a release.
DeFi: Where the party is at
Panxora, the fund, will start trading on 2 November 2020. The move comes after the burgeoning DeFi market has ballooned to billions of dollars starting June this year, leading to investors from both the crypto and traditional markets to take notice.
The Cayman Islands-based DeFi Fund will both manage the volatility associated with digital tokens and seek to profit from their price movements. Making this possible would be a proprietary trading bot that uses artificial intelligence (AI) to predict prices and place trades based on those opportunities.
Pandora said its models have been used to profitably trade cryptocurrency since 2017. They will now be used to identify and trade a variable basket of up to 20 of the most liquid DeFi tokens.