Cryptocurrency-focused hedge funds have grown assets under management and registered hefty gains this year thanks to bitcoin's recent surge to over $18,000, close to its 2017 high.
Consequently, Chinese businessmen are looking elsewhere to raise crypto-focused funds, following the path of some of the world's largest crypto trading platforms which were founded in China but moved overseas in 2017. If Babel receives a licence, Yang hopes to raise $1 billion, dwarfing existing funds in the city licenced under special rules for crypto-focused asset managers.
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