DeFiance Founder: The second-phase fund achieved an eightfold AUM growth within a year

ChainCatcher news, DeFiance Capital founder and CEO Arthur Cheong reflected on the development history of the fund in a post on social media. Initially, Arthur personally invested less than $100,000 in cryptocurrency. In January 2020, Arthur decided to establish a fund focused on DeFi, DeFiance, with initial capital and committed investments totaling less than $2 million. However, in March 2020, due to market changes, the plan was temporarily shelved.

With the arrival of DeFi Summer, DeFiance's vision was validated, and the plan to establish the fund was resumed, ultimately resulting in a scale of less than $20 million at the time of DeFiance's founding.

Arthur added that at its peak, DeFiance's AUM exceeded $500 million, but it was later impacted by the bankruptcy of 3AC. Subsequently, when DeFiance launched its second fund, it faced the collapse of FTX. To this day, DeFiance is still resolving legal disputes related to the first fund and FTX. The scale of the second fund at launch was even lower than the first, and the market environment was more competitive, yet within a year, the fund's AUM still grew eightfold.