Crypto Head of PwC Leaves to Start $75M Fund in Dubai

The fund is backed by Nine Masts Capital, a Hong Kong-based hedge fund.

The crypto head of the accounting firm PwC has left his role at the firm to set up a $75 million digital asset fund in Dubai.

Henri Arslanian will remain a senior advisor at PwC. His new firm Nine Blocks Capital Management, has already been granted provisional regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA).

The fund is backed by a Hong Kong-based hedge fund, Nine Masts Capital and also received $75 million from them. The fund also has additional investments from partners and existing investors.

The new fund is also absorbing Nine Masts’ existing crypto trading team and will focus on ‘generating alpha from inefficiencies in the crypto markets using RV, arbitrage and quant strategies.’ 

Arslanian is not worried about the recent crash of crypto values. “We believe that the current market conditions are an ideal time to build a new institutional grade digital assets business,” he said. 

Arslanian said that Hong Kong would have been a ‘natural home’ but it still requires mandatory quarantine for most international travelers.

He ended up choosing Dubai due to ease of travel and the city’s supportive regulatory environment for crypto firms.

Read Also: FTX FZE Wins Dubai’s First ‘MVP’ VASP License

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