Cryptocurrency, DeFi (Decentralized Finance), News

Former Pro Poker Player Sean Lippel Announces A $50M DeFi Fund

In regards to an announcement made by the former Poker Star, Sean Lippel, a $50Million worth fund is initiated, which is specially directed towards the nascent DeFi space.

DeFi Space Expansion

The poker star’s high-level involvement in the DeFi space is certainly something that is not new in the field. There have been quite a lot of popular figures who have also invested in the DeFi space. As risky as it may be, the DeFi space has the potential to gather up tons of profitable returns, attracting more bigger players to compete in the market and gain a significant advantage over many others.

Looking at the statistical data, the total investments, which are secured using DeFi Smart Contracts, have had a massive rise, swelling to even more than a 1000%, now reaching nearly $80Billion in worth, as of today. Tokens who are registered on the world’s biggest decentralized exchange have seen an absurd amount of growth, increasing as much as 750% in value, just in this year, now available at nearly 400% of their value calculated in the month of January.

Huge Support

As for the Fund initiated by Sean Lippel, it has gained the support of Hedge Fund Billionaire Alan Howard, whose estimated value is around $2.8Billion, financial services behemoth, the Macquarie Group, and also the DRW Trading Group.

Lippel’s History

New Yorker Sean Lippel has certainly faced quite rough times in life, as his father decided to leave the world, losing the fight to the deadly disease cancer. At that time, Lippel was in the progress of completing his master’s degree in Business from the University of Colombia. After competing in several monthly poker tournaments, Lippel decided to stop playing and started to think about other ways he can use his skills and talents to bring something for himself. After winning the world series poker circuit ring, Lippel decided to retire from the game and then managed to gain a partnership with FinTech Collective, a venturing company in New York, which has more than half a billion worth of investments in financial technologies.

Lipple said that nobody could truly know everything about his/her opponent, but there are some hints that tell that a major change in concepts, thinking of people in the system is going to happen.

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