$5.10 Million Crypto Fund Launches Right Before Altcoin Season

Matthew Homer, an ex-regulator from the New York Department of Financial Services (DFS), launched a new crypto fund. The new venture, the Department of XYZ, has secured $5.10 million in initial funding. 

Among the high-profile backers are the Winklevoss twins and Robert Leshner, enhancing the fund’s visibility and credibility in the cryptocurrency market.

From Regulator to Entrepreneur: Homer Secures $5.10 Million for Crypto Fund

Having held a pivotal role in overseeing regulations at DFS, Homer brings a rare perspective to the investment table. It represents a unique selling point of his new crypto fund. Homer has pivoted towards amplifying his impact in the crypto market, primarily focusing on startups that strengthen financial infrastructure and compliance.

The Department of XYZ aims to become an indispensable advisory resource for emerging companies, especially those navigating complex regulatory landscapes. 

“We’re not going to be your largest check, but what we are going to be is your regulatory friends on speed dial,” Homer explained.

This approach is timely, as the cryptocurrency sector faces scrutiny and uncertainty around regulatory frameworks.

Read more: Crypto Hedge Funds: What Are They and How Do They Work?

The crypto fund aims to offer nuanced guidance that could be crucial for startups looking to scale compliantly. The advisory board includes experienced regulators and industry leaders. For instance, Robert Leshner, founder of Compound, and Kyle Samani of Multicoin. 

The Department of XYZ is set to empower cyrpto portfolios for companies to thrive amidst regulatory complexities, making it a potentially transformative player in the market.