Banking/FinanceNews

Tobam French asset manager launches Europe’s first Bitcoin mutual fund

Tobam, the French asset manager yesterday launched Europe’s first bitcoin fund to grab investors interest in Bitcoin cryptocurrency whose price moved from $1000 to now more than $8300 this year.

The launch is some evidence that cryptocurrencies continue to get mainstream attention. It is also ahead of CME’s plans to launch bitcoin futures before end of the year.

It will give investors, mostly institutional investors who want exposure to growing digital currency, diversification benefits according to the $9bn Paris-based asset manager.

The fund is an alternative investment fund and not traded on an exchange, so does not fall under any regulation. PwC will perform auditing services while the servicing banking group, Caceis will manage custody of the Bitcoins tied to the fund.

Tobam’s president, Yves Choueifaty says,

“This first move in the world of cryptocurrencies showcases our dedication to remaining ahead of the curve. Since to provide our clients with innovative products in the context of efficient (i.e. unpredictable) markets”.

Further, Choueifaty is bullish on the fund’s prospects and expects it to grow to around $400 million within few years.

Also Read: JPMorgan could allow clients to trade CME’s bitcoin futures

Mr. Yves Choueifaty said,

“More and more cryptocurrencies has being create in recent years. Along with bitcoin gaining the largest market capitalization and the longest record. Despite growing interest for the digital currency, the current solutions available to access bitcoin pose numerous difficulties for investors”.

Multi- manager investor and director at Architas, Adrian Lowcock says there is an appetite for this type of investment. Thus, launching of more investment trusts and bitcoin funds in the cryptocurrency world shows mainstream investor interest.

Also, a co-founder of Cyber Capital cryptocurrency investment company, Boudewijn Rooseboom says that there was a lot of confusion about the nature of cryptocurrencies but the cryptocurrencies could be an interesting proposition for institutional investors looking it from the perspective of portfolio diversification.

Curiously, the fund’s relevance remains to be seen as more institutional investors want to gain exposure to crypto markets.

 

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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