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Illustration: Rebecca Zisser / Axios

Serial tech entrepreneur and investor Rick Marini has launched the first-ever fund-of-funds for cryptocurrencies, called Protocol Ventures.

Why it matters: An increasing number of investors are interested in cryptocurrencies as values skyrocket, but they aren't yet comfortable parsing through white papers or picking from the dozens of nascent crypto hedge funds. This is where Marini says his fund-of-funds can help.

The fund: Starting with $1 million of his own money, Marini hopes to eventually grow the fund to at least $100 million.

  • He expects his fund's investors to be a mix of high net worth individuals, family offices, a few institutions, and potentially venture capital funds.
  • Marini plans to invest in about ten cryptocurrency hedge funds with diverse profiles, strategies, and sizes.
  • He already plans to to invest from Protocol Ventures into two funds he's personally backed—MetaStable Capital and Neural Capital. The former was co-founded by AngelList co-founder Naval Ravikant, who introduced Marini to cryptocurrencies three years ago.

Pros and cons: "Family offices, institutions, and [high net worth] individuals want exposure to this space, but are unsure of how to pick the right fund managers to back," Neural Capital managing partner Christopher Keshian told Axios. MetaStable Capital's Josh Seims, on the other hand, is more cautious and says that it's too early to have an opinion on funds like Protocol Ventures. "In general, we prefer direct relationships with principals, but fund of funds allow better scaling," he adds.

On ICOs: "Probably 97% of them are garbage and that's a problem the industry needs to clean up," said Marini, adding that regulations should help.

Go deeper: Finance pros want in on the crypto boom

Update, Oct. 23: Since the publication of this story, Axios has learned that another firm, BitBull Capital, has been quietly working on a similar fund, though it's still in stealth.

Go deeper

43 mins ago - Sports

Raiders player becomes first active in NFL to come out as gay

Photo: Julio Aguilar via Getty Images

Las Vegas Raiders player Carl Nassib becomes the first active NFL player in history to come out as gay on Monday.

Driving the news: Nassib said he was coming out now because "representation and visibility are so important" and he will be donating $100,000 to the Trevor Project, a suicide prevention service for LGBTQ youth in the U.S.

Airlines, unions want DOJ to prosecute unruly passengers

Photo: Nicolas Economou/NurPhoto via Getty Images

A coalition of airline industry partners asked the Justice Department on Monday to begin prosecuting disruptive passengers.

Why it matters: Increased political divisions and conflict over pandemic guidelines have led the Federal Aviation Administration to take some form of enforcement action over 400 times in the first five months of 2021, compared to 146 in all of 2019, according to the coalition.