Silicon Valley venture capitalist Michael Arrington is going all-in with cryptocurrencies, announcing Tuesday the launch of a $100 million hedge fund tied to a bitcoin rival.

“ “A year ago I was just a crypto enthusiast. Now I’ve altered my career path to focus entirely on cryptocurrencies and related technologies. . . . With this new fund I’m signaling my intent to spend the rest of my career on cryptocurrencies.” ” — Michael Arrington

Arrington, who also founded TechCrunch, announced in a blog post the formation of Arrington XRP Capital, which will buy various crypto assets, invest in initial coin offerings and, to a smaller degree, invest in crypto-related startups. In what is believed to be a first, the fund will be denominated not by dollars or even bitcoin, but by XRP, a cryptocurrency developed by Ripple.