After several months of keeping quiet on their rumored rebranding, Alameda Research and crypto hedge fund firm Pangea Fund Management are set to announce the new name for their upcoming establishment. The new development comes after months of silence from the parties involved.
From Alameda, Pangea To Syncracy Capital
Meanwhile, according to reports, the rebranding would see Alameda Research and Pangea Fund Management become Syncracy Capital. However, reports indicate that the hedge fund’s website has no current development or investment information.
In addition, its Twitter handle shows only seven posts, with the two most recent tweets made in May 2022, at the peak of the Terra Luna crash. Last May, a report by Bloomberg showed that Ryan Watkins and Daniel Cheung established the hedge fund.
The two individuals secured $85 million in a seed funding round that involved more than three venture capitalists. At that time, Watkin disclosed that the hedge fund intended to invest in the early winners who participated in each crypto contest category.
According to him, other venture capitalists focus on funding early-stage startups at very high valuations.
The Need For Rebranding
Regarding the new development, Watkins stressed that the rebranded firm’s strategy is still the same. He added that the new Syncracy is a theory-based hedge fund focused on improving investment for startups in the crypto ecosystem.
Also read:Furthermore, he added that the hedge fund seeks to support the crypto space by improving its infrastructure and other protocols to accelerate its global adoption. Recruitment at the hedge fund is ongoing, with Shaun Mulreed hired as the Chief Operating Officer (CFO) and Wilson Withiam, the new Head of Research.
However, no comment has been made by Syncracy Capital regarding the new event at the time of this writing.
Under The Spotlight
Following the rebranded hedge fund launch, the embattled former owner of Terra Luna, Do Kwon, along with his partner in the deal, Alameda Research, have come under the spotlight.
It is worth noting that Alameda Research is linked to Sam Bankman-Fried, the former owner of the FTX crypto exchange. The trading company just went into bankruptcy over the last few weeks.
Furthermore, the new FTX head, John Ray, has accused the former management team of the exchange of failing to keep all investments and trades on the platform. For his part, Do Kwon was declared wanted in his native South Korea following his role in orchestrating the spectacular fall of the Terra ecosystem in May.
Alameda Research and Do Kwon risk making Syncracy Capital another failed hedge fund project, considering their cases with authorities. It will be interesting to see how the crypto community welcomes the new hedge fund into the market.
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