Major Asian Blockchain VC Firm Launches New Bitcoin Tracker Fund

Major Asian Blockchain VC Firm Launches New Bitcoin Tracker Fund

Major Asia’s blockchain-focused venture capital firm CMCC Global has launched a new institutional tracker fund for Bitcoin (BTC).
Custody by Hong Kong Stock Exchange-listed firm
Called the Liberty Fund, the Bitcoin index fund deploys Anxone, a custodial solution developed by BC Group, and digital asset company listed on the Hong Kong Stock Exchange, according to a press release published on Sept. 17.
As one of Asia’s first blockchain VC firms, Hong Kong-based CMCC Global has initiated the Liberty Fund in a move to provide institutional-level access to Bitcoin without the burden of buying and safekeeping coins, the press release notes. The new fund is claimed to be the first of its kind in Asia.
Offline insurance to protect from thefts
As noted by the firm, the Liberty Fund is available only to accredited investors and provides weekly liquidity, while fund investors will be able to receive monthly net asset value statements in United States dollars, which can be used for internal accounting and tax filings. 
The fund is regulated as a mutual fund in the Cayman Islands and provides offline-stored comprehensive insurance to protect from both a physical or digital theft, CMCC Global explained.
BC Group, which owns a portfolio of various blockchain companies, including trading platform Anxone and digital asset brokerage OSL, launched its proprietary custody solution in April 2019.
As reported by blockchain analytics platform Crystal on Sept. 11, Hong Kong is one of the top countries with the largest number of registered digital currency exchanges along with the United Kingdom, the U.S. and Singapore.

See also  PayPal: ‘A Lot of Work’ Still Needs to Happen for Libra to Become Real

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.