Hedge Fund billionaire Alan Howard continues to support crypto-startup

British billionaire Alan Howard is among crypto investors who are not retiring through the recent turmoil.

The 58-year-old head of security is still investing in the space. In mid-June, Howard participated in a $ 10.3 million pre-seed round for cryptocurrency brand ScienceMagic.Studios, especially after Terra collapsed.

He also participated in the ‘play-to-earn’ metaverse startup Atmos Labs’ $ 11 million seed round, which closed at about the same time – as crypto-borrowers caused contagion across the market.

Howard has already funded 13 crypto-related projects so far in 2022, although most were before the crypto markets took off. He has supported around 40 cryptocurrency projects in total, including exchanges FTX and Bitpanda, Polygon, Ledn and Block.one, Crunchbase data shows.

The billionaire, whose hedge fund firm Brevan Howard began trading cryptocurrencies last year, has been investing his personal fortune in digital assets for several years. His first known investment was in European online brokers Nextmarkets in 2016.

The Wall Street Journal reported in March that Howard personally bought cryptocurrencies to protect against inflation, but it is not clear which asset or how much of it he bought.

It now appears that he wants to be involved in all sub-segments of the crypto industry. Forbes estimates Howard’s personal fortune at $ 3.2 billion.

The Financial Times reported on Friday that the key names in his crypto portfolio are trading software firm Elwood, startup incubator WebN Group and Coremont, a platform for operational services spun off by Brevan Howard.

Some of Howard’s investments from last year include the crypto exchange Bullish, the fintech company Bottlepay, the depository startup Komainu and the privacy blockchain startup Iron Fish – which shows diversification in their investments.

Alan Howard’s company is doing a “massive” crypto-push

A crypto manager who worked with Howard told FT that the billionaire has a 10- to 15-year vision, and that he entered the sector when everyone ran out during the cryptocurrency crash in 2018.

He is also said to have an active stake in Brevan Howard’s $ 1 billion cryptocurrency, BH Digital Multi-Strategy Fund, which invests in liquid cryptocurrencies and takes ownership interests in private blockchain companies.

A source told Blockworks earlier this year that Brevan was making “absolutely massive pressure on crypto.” According to the latest figures, the company last managed total assets worth $ 23 billion.

Howard, former CEO of Brevan Howard, began to take a more back seat in the fund when he handed over the reins to risk manager Aron Landy in 2019. Howard still controls the company overall.

The recent downturn in the market has deterred several investors, but long-term players are generally unaffected by such downturns. Chris McCann, a partner in Race Capital and early FTX support, told Blockworks that the worst times are usually the best for venture investments.

Representatives of Brevan Howard did not respond to Blockworks’ request for comment within press time.

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