Australian digital assets investment firm TCM Global Asset Management (formerly Token Capital Management) is making its first international foray.
TCM is chaired by former ANZ managing director of global markets, Steve Bellotti, and its chief executive is former JP Morgan managing director of Asia Pacific commodities trading, Jon Deane.
The firm has acquired a controlling stake, alongside high profile blockchain investor Frank Amato, in Cleveland-based Grasshopper Capital.
Grasshopper Capital's first fund, launched in 2017 and closed in 2018, returned 29.28%. The fund was long only and focused on infrastructure opportunities in the blockchain ecosystem.
Grasshopper has now announced it will be launching a new fund, Grasshopper Capital Fund II LP, which it says will leverage the capital markets expertise at TCM as well as the blockchain knowledge of the existing Grasshopper team.
Grasshopper's first fund was launched by Ari Lewis and Sagar Rambhia, who remain shareholders and will continue to be involved in operations and investment decisions.
The fund will continue to be focussed on the adoption and commercialisation of blockchain and distributed ledger technologies in financial services.
TCM chief executive Jon Deane said: "Working with world class individuals has always been the focus of TCM Global Asset Management and we believe Grasshopper Capital is extremely complementary to our existing offerings and funds.
"We want Ari and the team to continue what they have been doing; navigating and identifying opportunities in the early stage, rapidly developing and commercialising blockchain technologies and providing investment access to accredited and sophisticated investors."
Grasshopper investment manager Frank Amato added that: "Blockchain and DLT represent the next evolution of a distributed database. We are seeing widespread adoption from JP Morgan, Facebook, IBM, Starbucks, Fidelity, Nasdaq , ASX etc."
"Global banks are either developing their own protocol/solution or are part of a larger consortium. Blockchain is really just the backend database that most users won't ever see. When used efficiently, end users will not even know it is there.
"Whether it is a private or public blockchain will depend on the use case, however it represents a significant investment opportunity equivalent to the early days of the internet, with potential to disrupt multiple industries."
John Morris, investment manager at Grasshopper, said: "The investment community is grossly under-appreciating the adoption and commercialization of blockchain technology in the financial markets."