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A Swiss fund company has established the first cryptocurrency fund, primarily focused on investing in cryptocurrencies, with initial goals of investing in Bitcoin, Ethereum, Litecoin, and Ripple. It has become the first cryptocurrency fund regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Zug, a city in Switzerland, is often referred to as ""Crypto Valley"" due to its nurturing of numerous blockchain startups. The company that established this fund is based there and aims to create a cryptocurrency fund with a total value of one billion US dollars. Currently, the fund has raised approximately ten million US dollars.
Traditional funds are typically known to invest in assets like stocks, bonds, real estate, or other financial products such as S&P 500 index funds in the stock market. In contrast, a cryptocurrency fund, as the name suggests, is a fund dedicated to investing in and tracking the performance of cryptocurrencies.
Jan Brezzek, the CEO of Crypto Fund AG, mentioned to the media that the company has been in discussions with FINMA regarding regulatory details. It operates in the form of a private fund and has established partnerships with internationally renowned audit firms, Ernst & Young (EY) and PricewaterhouseCoopers (PwC).
Due to the higher volatility of the cryptocurrency market compared to traditional stock and forex markets, cryptocurrency funds have shown significant market potential. There have been similar products emerging from startups, indicating growing interest from investors in cryptocurrency investments. Crypto Fund AG appears to be targeting the traditional investment market while operating under legitimate regulatory oversight, making it an attractive option for investors. |
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Post time 3-11-2023 09:47:22