Famous American billionaire Steven A. Cohen has joined the crypto bandwagon and invested in the crypto world, according to a Bloomberg report.

Using his venture capital firm Cohen Private Ventures - the billionaire has invested in Autonomous Partners, a hedge fund that focuses on both cryptocurrencies and blockchain company equities.

The hedge fund was initialised in December last year by Arianna Simpson, a cryptocurrency enthusiast who confirmed the information through her Twitter account.

According to the report, Autonomous Partners wants to invest in cryptocurrencies that “serve as general purpose money”.

In an interview for Fortune, Simpson said: “I’ve only brought on partners that I think can be very much value-add beyond their capital”. He explained that Autonomous Partners invests in Bitcoin and other large-cap altcoins, like Ethereum. The fund has also attracted additional investment partners such as Union Square Ventures, Brian Armstrong, and Co-Founder of Craft Ventures David Sacks.

Simpson has previously invested in 0x, a new protocol that allows the bottom-up creation of decentralized exchanges, and Celo, a digital payments platform that aims to “remove the barriers for large-scale adoption of cryptocurrencies” as means of payment.

This isn’t the first time Cohen has partnered with Arianna Simpson. Back in 2015, Cohen Private Ventures invested in her venture fund Crystal Towers Capital, a fund that focuses on technology firms such as Next Caller and TrueAccord.

According to Forbes, the American investor and hedge fund manager is worth $14 billion as of March 2018. Cohen started investing back in 1978 after he got a junior trader job at Wall Street.

US-based Cohen Private Ventures focuses on real estate, private equities and other long-term investments. It was founded in 2010 by Cohen, who also runs Point72 Asset Management.

The billionaire joins a long list of venture capitalists who are very keen on the crypto currency industry. However, his entrance comes at an interesting time for crypto-focused hedge funds, with only 8% of the top 25 funds reporting profits since the start of 2018. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.