In recent news pertaining to virtual currency exchanges, Coinjar has launched Australia’s first cryptocurrency index fund; Square’s latest quarterly report has revealed that company is executing its crypto trades via the over-the-counter (OTC) markets rather than “public cryptocurrency exchanges;” and Poloniex has launched EOS pairings.
Also Read: SEC Has No Jurisdiction to Look at Bitcoin for ETF Decision, Admits Commissioner
Coinjar Launches Australia’s First Crypto Index Fund
Coinjar, a financial and cryptocurrency services company based in Australia and the United Kingdom that claims to have processed over $1.2 billion in virtual currency transactions, has announced the launch of Australia’s first cryptocurrency index fund.
The “Coinjar Digital Currency Fund” is an index fund targeting wholesale investors. Eligible investors must have net assets of at least $2.5 million AUD or have a gross income of no less than $250,000 AUD for the previous two years. Minimum contributions from new investors have been set at $50,000 AUD, whilst current investors are able to make incremental payments of at least $10,000 AUD.
The fund has two “classes”; ‘Bitcoin Class’ – “which provides exposure to Bitcoin (BTC) only”; and ‘Mixed Class’ – which “aims to track the performance of four digital currencies, weighted by fixed supply – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC).” The fund does not incur “establishment costs, contribution fees, or performance fees,” however, “Management fees are 1.3% per annum for Bitcoin Class and 1.8% per annum for Mixed Class plus normal operating costs.”
Jordan Michaelides, institutional head at Coinjar, stated: “We are launching the Coinjar Digital Currency Fund to handle the custody risks, simplify the investment process and provide industry best practice in security for wholesale investors.”
