Even a couple of years ago, something called a Bitcoin mutual fund would have been regarded as a fanciful notion by most people and perhaps rightly so. However, during this period, a lot of advancements have taken place in the crypto world, and a genuinely strong ecosystem has emerged. That has now made it possible for a lot of new products to be introduced by enterprising firms. One of those is the mutual fund backed by Bitcoin.
In a new development that should come as good news for investors based in Asia, a Hong Kong-based company has decided to launch one such mutual fund.
The Hong Kong-based firm in question is CMCC Global, which is a renowned venture capital firm, and it has already launched the Liberty Bitcoin Fund. The fund is particularly useful for accredited investors in Asia who are probably not interested in buying crypto tokens from exchanges and would rather deal with an institution. The fund in questions is a Bitcoin mutual fund and has been designed to track the market passively. It is also going to provide services for buying and storing Bitcoins safely. For many institutional investors, the safekeeping of Bitcoin tokens is a major red flag.
However, it seems that the fund will not have any difficulties getting customers and, in fact, Martin Baumann, the managing director of the company, explained, “We have received more and more questions over the years from our existing investor base about whether we could help them buy Bitcoin. The new fund is really a demand-driven.”
The company has been generally successful with regards to such funds, and its three other funds have managed to raise millions from high net worth clients in Asia. Baumann even went on to state that the investment in the latest Bitcoin Mutual fund is being led by one of the biggest family offices in the continent.
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