Hong Kong’s First Approved Cryptocurrency Fund Targets $100M
Venture Smart Asia has announced the launch of the first approved cryptocurrency fund in Hong Kong, with the target of $100 million for the first year.
As Bloomberg states, the blockchain arm of Venture Smart Asia Arrano Capital stated the rollout of a new Bitcoin fund. As the venture capital firm states it had met the conditions for a licensed cryptocurrency fund by the local Securities & Futures Commission.
Avaneesh Acquilla who is the Arrano Chief Investment Officer, has noted that the 1st attempt is only a tracker fund, BTC purchasing & selling. Though, the fund is intended to pass $100 million within the 1st year. As Avaneesh Acquilla has stated that they have made a decision to release the fund due to the existing demand by professional investors who see Bitcoin as an alternative option to store money. As he said: “Ultimately for Bitcoin to be widely accepted and for people to trust it, there needs to be regulation.”
Cryptocurrencies are getting more and more popular and get involved in every specter of our lives day by day. To learn about the first and most popular crypto asset, Bitcoin, check Bitcoin Price. To stay up to date with the latest BTC price and crypto market movements, check out Bitcoin (BTC) Price Predictions.
