Crypto asset management firm Ikigai ‘caught up in the FTX collapse’

Crypto asset manager Ikigai Asset Management was one of the companies caught up in the collapse of FTX, according to the firm’s founder and chief investment officer Travis Kling, with the majority of its assets on the collapsed exchange. because there was

However, Kring insisted he has been in constant contact with the company’s investors since Monday and took full responsibility for the loss of funds.

While there is uncertainty about the “timeline and potential recovery of FTX customers,” Kling said the company will continue to trade assets not locked in FTX.

Additionally, the founders of Ikigai indicated that the company has yet to decide what to do with the FTX-uninfluenced venture fund.

call for a complete rebuild

Travis Kling doesn’t expect a quick recovery from the current crisis.

For cryptocurrencies to recover and continue their “journey to make the world a better place,” Kling believes the entire concept of trust will need to be completely redesigned.

“Bitcoin is trustless. Then we built all the trustworthy ones and they failed catastrophically,” said Kling.

A Twitter user named David Lin replied to Kling claiming that CEX is bypassing Bitcoin’s solution, sharing the same sentiments as others about the centralized entity.

Founded in 2018, Ikigai raised $30 million from existing investors last May to launch a new venture fund, the Ikigai Trust Revolution Opportunities Fund, to invest in early-stage Web3 initiatives.

a press release The launch of the Ikigai Trust Revolution Opportunities Fund marks a departure from Ikigai’s historical investment approach, which has focused primarily on systematic, model-driven exposure to Bitcoin over the past few years. .

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