CoinJar, one of the largest cryptocurrency exchanges in Australia, has declared the launch of “The CoinJar Digital Currency Fund”.
Jordan Michaelides, the institutional head at CoinJar believes that funds offer a secure way for investors to join the cryptocurrency market. He said, “Traditionally, an individual investor in cryptocurrency has also been exposed to potential loss through cybercrime.” He further added, “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.”
Today we launched the CoinJar Digital Currency Fund, an index-style cryptocurrency fund for wholesale investors to access digital currency markets. https://t.co/VMDpn5Q2bG
— CoinJar (@GetCoinJar) August 1, 2018
Crypto Index Fund offers Two Separate Classes
The Digital Currency Fund will offer two classes. First one is “Bitcoin Class”, here investors will have exposure to the Bitcoin (BTC) only. Second is “Mixed Class” where investors will be able to track the performance of 4 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).
The fund is presently targeted towards the wholesale investors, who have acquired an Accountant’s Certification and have net assets of a minimum AUD$2.5 million or a gross income of AUD$250,000 for the last two years.
The fund is presently available for wholesale investors. First-time investors in the fund have to do contribution of minimum $50,000AUD. However, the current investors could make subsequent investments in increments of minimum $10,000AUD. Here, management fees are 1.3% for Bitcoin Class and 1.8% for Mixed Class.
CoinJar said: “The CoinJar Digital Currency Fund offers a low-cost, index-style and AUD-denominated vehicle to invest in digital currencies. The Fund provides medium to long-term exposure in digital currencies without the need for investors to self-manage custody and security.”
The main purpose of the CoinJar Digital Currency Fund is to track the returns of the cryptocurrency market over the medium to long-term in specific digital currency assets.
CoinJar’s index fund is the latest move apart from various offerings for institutional and large-scale investors across the crypto world.