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Arrington Capital Scrubs $100M Anchor Yield Fund From Website After UST Upheaval
Founder Michael Arrington cited decreased demand for the decision to remove the fund from the company's website.
Arrington Capital, a crypto native investment firm with over $1.6 billion in assets under management, has removed mention of its $100 million fund tied to Anchor, a yield-generating protocol on the Terra blockchain, from its website. Deposits to the protocol are mostly in the crisis-stricken stablecoin terraUSD (UST).
Arrington Capital announced the $100 million Arrington Anchor Yield Fund in November to provide institutional investors with insured exposure to the “stable yield” generated by the Anchor Protocol. The fund was backed by Arrington Capital partners and Terraform Labs.
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The Anchor Yield Fund was listed on the firm’s main website in a screenshot taken on May 1. The mention has since been removed.
“Risk Harbor Anchor UST insurance hasn't been widely available – we were holding off on taking any third-party funds until we could purchase that insurance at scale. I anticipate decreased demand for the product this fund was offering, so I removed it from the website,” founder Michael Arrington told CoinDesk in an email.
Asked whether the fund would continue to exist, Arrington responded, “We are not currently raising capital for this fund.”
Founded in 2017 by TechCrunch and CrunchBase founder Arrington and TechCrunch CEO Heather Harde, Arrington Capital offers the flagship Arrington XRP Capital and the $100 million Arrington Algorand Growth Fund, which was announced last July.
Read more: Investors Flee Terra’s Anchor as UST Stablecoin Repeatedly Loses $1 Peg
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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