DigitalX is also partnering with media company Multiplier to launch websites for disseminating news and information about cryptocurrencies. It joins other companies such as BitCar and Mint that are already running crypto projects.
DigitalX Ltd, a blockchain technology company based in Perth has launched an investment fund for cryptocurrencies and website that provide news and education about digital assets.
It will target leading cryptocurrency assets but will also look for opportunities like initial coin offerings.
The team has experience in managing cryptocurrency assets and protocol behind these assets.
The company’s managing director Leigh Travers said,
“We believe cryptocurrencies are under-researched by mainstream asset managers and there is an opportunity to leverage our expertise in blockchain technology and crypto-asset investment to create value for our clients”.
The company invested $750,000 worth of Bitcoins in the fund. It will hold 73 percent stake as the investment advisor. Boutique Capital Pty Ltd will represent Grange Capital Partners Limited in licensing and administering the fund.
It will not allow any one person to invest more than 20 percent of the assets except into Bitcoin or cash. The crypto-assets will also be assessing for legality on the jurisdiction in which they are issued.
At the same time, it will team up with Perth digital media company Multiplier to launch a pair of websites that will spread information about cryptocurrencies.
They will educate new investors about the opportunities and risks of cryptocurrencies and ICOs. It will also provide information about crypto regulation as it continues to develop.
“The value of cryptocurrency digital real estate is expecting to grow significantly with recent news from the world’s largest technology companies Google, Twitter and Facebook to limit cryptocurrency advertising.”
Australia crypto regulation comes into effect
Australia is not new to crypto investment. Companies such as Perth Mint and Bitcar are already into it. The latter allows users to purchase tokenized exotic and luxury vehicles. It runs its own cryptocurrency. Perth Mint is also creating a cryptocurrency backed by precious metals.
However, crypto exchanges are now requiring to register and meet anti-money laundering and counter-terrorism financing (AML/CTF) obligations. The regulation came into effect yesterday.
The regulation also requires user identity verification, reporting of suspicious matters and transactions involving physical currency of $10,000 or more to the Australian Transactions and Reporting Analysis Centre (AUSTRAC), and maintaining certain records for seven years.