Crypto asset management firm Ikigai ‘caught up in the FTX collapse’

Crypto asset management firm Ikigai Asset Management is among the companies to get caught up in the FTX collapse as it had a large portion of its assets on the collapsed exchange, according to the firm’s founder and chief investment officer, Travis Kling.

Kling, however, asserted that he had been constantly in contact with the firm’s investors since Monday, and he accepted full responsibility for any loss of funds.

While there is uncertainty about the “timeline and potential recovery for FTX customers,” Kling said the firm would continue to trade assets that are not trapped on FTX. 

Additionally, the founder of Ikigai indicated that the firm is yet to decide what to do with its venture fund, which was not affected by FTX.

Call for a  complete re-architecture

Travis Kling doesn’t expect a quick recovery from the current crisis. 

For crypto to recover and continue on its “journey to make the world a better place,” Kling believes the entire concept of trust has to be completely rearchitected. 

“Bitcoin is trustless. Then we built all these trusted things around it, and those things have failed catastrophically,” Kling said.

A Twitter user going by David Lin replied to Kling by claiming that CEXs circumvents Bitcoin’s solution, sharing the same sentiment with other users about centralized entities. 

Founded in 2018, Ikigai raised $30 million from its existing investors last May to start a new venture fund, the Ikigai Trust Revolution Opportunities Fund, to invest in early-stage Web3 initiatives. 

A press release describes the launch of the Ikigai Trust Revolution Opportunities Fund as a departure from Ikigai’s historical approach to investing, which over the last few years focused primarily on systematic, model-driven exposure to bitcoin.

The post Crypto asset management firm Ikigai ‘caught up in the FTX collapse’ appeared first on CryptoSlate.

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