CMCC Global Introduces Asia’s First Institutional-Grade Bitcoin Fund

Asia Blockchain Review
September 27, 2019

One of Asia’s first venture capital firms has introduced the region’s first institutional-grade Bitcoin fund.

As reported by Ethereum World News, the Liberty Bitcoin Fund has been officially launched by CMCC Global.

Crypto Industry Generating Much Excitement

News of Liberty Bitcoin Fund, described by CMCC Global as an institutional grade “single-asset passive tracker of Bitcoin for accredited investors”, has generated much excitement in Asia’s crypto sector.  Investment firms in recent months have shown increased interest in cryptocurrencies and Bitcoin, making the fund a timely avenue for investment.

Industry analyst Kevin Rooke called the development “huge” on Twitter, explaining that the fund means “now, institutional money in Asia can invest in Bitcoin too”.  Rooke also drew parallels between Liberty Bitcoin Fund and its US-based predecessor Grayscale, noting that the fund handles US$2.4 billion in Bitcoin for institutional investors, with most being based in North America.

More Institutional Investors Turn to Crypto

The fund is to be overseen by ANXONE Custody, which according to a press release from CMCC Global is a “best-in-class proprietary digital asset safekeeping solution with insured wallets”.  The custodian, along with CMCC’s status as a leading venture capital firm, will likely build confidence among Liberty Bitcoin Fund’s targeted investors and institutions.  

The fund’s unveiling comes just as statistics have shown a trend among institutions towards cryptocurrencies such as Bitcoin.  Analytics house The TIE cited Google Trends data showing consumer level interest for Bitcoin waning despite the token’s value experiencing an upward trend, a situation it said pointed to institutional investors buying up the digital currency.

Source: en.ethereumworldnews.com


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