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Cryptoknowmics 2022-10-01 09:47:45

Arthur Cheong Of DeFiance Capital Is Raising Money For A New Fund

According to four sources with knowledge of the situation, Arthur Cheong, the creator of the DeFiance Capital cryptocurrency investment fund impacted by the collapse of Three Arrows Capital this year, is soliciting money for a new fund. Arthur Cheong Is Raising Funds A source familiar with the situation claimed that the new venture fund, which would continue to operate under the DeFiance moniker, would concentrate on liquid crypto investments and aim to raise roughly $100 million. According to the source, DeFiance is focusing its efforts on institutional investors. Cheong chooses not to respond. He established DeFiance in August 2020, focusing on venture capital (VC) investments in Web3 firms and decentralized finance (DeFi) solutions. “Arthur Cheong is committed to taking all necessary steps to protect, preserve and recover all assets which are owned in the context of [DeFiance Capital]’s business,” the company said in the July statement. A successful fundraising campaign would essentially be DeFiance’s comeback. After Three Arrows filed for bankruptcy and received $3.5 billion in creditor demands in July, DeFiance declared that the insolvency had “materially impacted” its business. DeFiance Capital Established In 2020 Arthur Cheong established DeFiance Capital in 2020, referring to it as a “sub-fund and share class of Three Arrows Capital” at one point. DeFiance Capital declared in July that it is a separate company from 3AC...

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