A Tokyo-based startup named Hyperithm Co Limited is planning to launch a digital asset fund for its wealthy clients. The Coinbase-backed firm was established in 2018 with the intention to expand its clients’ cryptocurrency investments.
Lloyd Lee, the CEO of Hyperithm, has expanded his clients’ crypto assets to almost 100 million dollars. Lloyd has achieved the feat by borrowing digital assets and integrating investment strategies like options arbitrage for enhanced returns.
The expert trader intends to expand Hyperithm by raising 10 billion yen or 88 million dollars for a fund that targets 15% annual returns or more. Any qualified investor or institution can access the venture, which may start as soon as this year.
Lloyd stated that several clients want to try high-risk, high-reward opportunities nowadays. However, scoring such success is rare in Japanese market conditions where crypto is growing despite challenging regulations. Hyperithm is primarily based in South Korea with 75+ clients, and Lloyd sees Japan as an untapped market where 20 of its customers reside.
Lloyd entered Japan in 2017 to work for ABC Cooking Studio Limited’s founding family. The firm operates cooking schools throughout Japan and other areas. The CEO founded Hyperithm after initially using Bitcoin as an economical way to transfer funds to South Korea.
Hyperithm caters to customers who own cryptocurrencies and wish to improve their portfolios. Lloyd stated that Hyperithm typically deals with wealthy customers who invest in virtual assets and want to maintain the standings. The firm raised over 11 million dollars in its series B funding round, which included investors like Coinbase Ventures.
Japan launched its cryptocurrency wealth management operations in March 2021, borrowing users’ assets and offering 6% interest as rewards. However, as stated, Lloyd does not intend to stop here: Hyperithm intends to conduct cryptocurrency exchange business in the region.
The venture is looking for options like acquiring regulatory approvals on its own or via partnerships with other firms. With such ambition and success to show off, the firm is set to enjoy long-term success.