Eyeing big returns from blockchain technology, Morgan Creek Capital Management LLC has acquired cryptocurrency-focused venture capital firm Full Tilt Capital, Bloomberg reported.
The terms of the deal were not disclosed.
As part of the acquisition, Morgan Creek Capital plans to raise as much as $500 million for a fund that will invest entirely on blockchain, hoping that it will draw in high-net-worth investors, endowments, foundations and pension funds, Bloomberg reported.
Anthony Pompliano, managing partner at Full Tilt, reportedly said the fund will prioritize transactions executed through decentralized ledger technology, which could reduce costs and streamline trade clearing and settlement times. One such transaction could be to convert the equity of a New York hotel into tokens available to investors, according to the report.