Financial News has reported that a major London hedge fund founded before the financial mortgage crisis in 2007 is searching for a cryptocurrency expert in order to support its expansion into the digital asset space.

Winton entering digital asset market

The job advert published by the fund says the company is after an analyst to support the creation of “crypto systematic trading strategies.”

The fund was created back in 2007 by investor David Harding. By announcing its desire to hire a cryptocurrency expert, it sort of hints that the company will step in line with other major investors to tap the developing market of crypto assets that promises high profits and high volatility. The job advert was posted on LinkedIn last August.

The hired expert will conduct research and analysis of crypto markets and create crypto portfolio for trading.

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Financial News shared that Winton, which manages $8 billion worth of assets, declined to comment when contacted by the news outlet.

More hedge funds making foray into crypto

A recently publicized report by PwC said that the amount of hedge funds that are now investing in cryptocurrencies globally has grown by more than two times compared to 2021.

In the meantime, more than 300 crypto-oriented hedge funds now operate around the world. Fifty-seven percent are managing less than 1% of their AUM in crypto. Sixty-seven percent plan to increase investment into digital assets by the end of the year.

The majority of hedge funds surveyed by PwC traded Bitcoin, ETH, SOL and DOT.

Most crypto hedge funds will go bust: Mike Novogratz

This summer, in August, crypto magnate and founder of Galaxy Digital Mike Novogratz stated during the Piper Sandler Global Exchange and Fintech Conference that the majority of hedge funds focused on crypto investment and trading are going to burst.

Novogratz believes that there could be around 1,900 of those funds out there. He does not fear that Bitcoin will stop being a real macro asset. Still, if back then Bitcoin was struggling near the $30,000 price mark, over the past two weeks, it had been trading near $20,000, trying to regain it and go back up.

Yesterday, on Sept. 6, the flagship cryptocurrency plummeted by nearly 6%. At the time of this writing, BTC is changing hands at $18,842, per CoinMarketCap.