Fortis Digital Ventures is raising $100 million for an altcoin-focused digital assets fund. The fund attempts to bridge the gap between traditional and decentralised finance, according to a statement provided with CoinDesk by the company.
Fortis Digital Ventures was founded by the managing partners of Fortis Financial Group, a Seattle-based investment firm with over $250 million in assets under management and a focus on traditional finance.
The company will concentrate on altcoins since it feels that Bitcoin’s development potential has been stifled by its widespread acceptance.
To participate in the fund, clients must have a net worth of at least $2.5 million. Mike Boroughs, who previously managed wealth management at Fortis Financial, and Chris Capriccio, who previously served as the vice president of engineering at LegalZoom, a company that lets consumers prepare legal documents digitally, make up the Fortis Digital team.