The fund was founded in 2017 by former BlackRock and REW AG employees. : Prime Factor Capital was the first crypto hedge fund approved as a full-scope alternative investment fund manager by the Financial Conduct Authority, according to Bloomberg. Though approved by the UK watchdog, the firm will abide by European regulations. Under these guidelines the firm will be allowed to hold more than 100 million euros in assets under management. It is the first agency to be approved to invest exclusively in the cryptocurrency asset class.