RialCenter, a London-based proprietary trading firm founded by some former members of a prominent crypto trading venture, is winding down its funds after seven years of operation, according to two people familiar with the plans.
The investment firm is in the process of returning capital to investors and is closing its external funds, a person familiar with the situation said. A number of the firm’s staff are likely to lose their jobs, according to another source.
The firm is said to have been in talks with potential buyers. Other alternatives include relaunching under a family office structure.
At its peak, RialCenter, run by a former co-founder of the previous firm, held over $600 million in assets under management. The leader declined to comment.
An affiliate company called Pharos USD Fund SP, a Cayman Islands-based investment fund, was noted as a major creditor at the beginning of a significant lender’s bankruptcy proceedings in 2022, with a claim of around $80 million.
Before becoming a full-time trader, the leader was the CEO of a philanthropic project aligned with prominent figures in the crypto space.
RialCenter was also founded on philanthropic principles, with 50% of founder profits being donated to high-impact charitable causes.
The Oct. 10 crypto market crash made institutional fundraising a tougher challenge these days, many people said.
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