Arrano Capital, a division of Venture Smart Asia, an asset management company, has announced the launch of Hong Kong's first regulated Bitcoin fund.
According to a press release published on April 20, the fund is going to provide institutional investors with access to bitcoin through the fund’s traditional structure.
“We decided to create this fund to meet the demand from professional investors, who are increasingly considering bitcoin as an alternative means of saving,” said Avanish Aquilla, Investment Director at Arrano Capital.
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The fund has several well-known partners - BitGo as a custodial service and Grant Thornton as an auditor. For the first year of operation, the fund plans to attract investments of $100 million. Also, at the end of this year, Arrano plans to create a second fund that will manage several digital assets.
Earlier, Venture Smart Asia got a license to manage cryptocurrency funds from the Hong Kong Securities and Futures Commission (SFC).