Holon Global Investments, a digital asset venture capital firm, has unveiled three cryptocurrency funds. The funds will provide exposure to Bitcoin, Ether, and Filecoin, and they will be created in conjunction with cryptocurrency exchange Gemini.
Holon launched unlisted crypto funds
The three new crypto funds will give investors indirect exposure to Bitcoin (BTC), Ether (ETH), and Filecoin (FIL). The Holon Filecoin Fund is also the first privately managed investment vehicle for crypto assets outside of Bitcoin and Ether to be registered with the Australian Securities and Investment Commission (ASIC).
A report detailed that each fund will have a management fee of 0.40% per annum. This is 67% below the 1.25% management fee imposed on the first crypto ETFs launched in Australia. The charge for these new funds is capped at 0.4% per year.
Holon’s head of asset management, Rory Scott, commented on the development saying he didn’t charge high fees because the added value was minimal. Holon chief executive Heath Behncke also said the product had been reviewed by ASIC for about a year to get the necessary approvals. ASIC is the regulatory body that oversees financial assets and funds.
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During the product review phase, the cryptocurrency market saw a noticeable decline. The bearish sentiment has persisted for most of this year. However, Holon is optimistic about the growth of the sector. He said there was an increase in the number of investors wanting to access the crypto market through a traditional regulated channel like a managed fund.
Holon partners with Gemini
Holon will launch these funds through a partnership with Gemini. Behncke said the launch would transform the cryptocurrency industry in Australia. Additionally, the funds were created to involve the institutional grade custody offered by Gemini to provide market participants with exposure at a good price.
The company noted that it believes in the potential of blockchain and crypto technology to transform the global economy. Investors in Australia are struggling to find the right way to regulate the digital sector.
This isn’t the first time that Holon and Gemini have collaborated. In August of last year, the companies teamed up to launch the Wholesale Filecoin Fund.
Gemini is one of the biggest cryptocurrency exchanges. The exchange is led by the Winklevoss brothers. Gemini was recently registered as a Virtual Asset Service Provider (VASP) in Ireland. During the recent crypto winter, Gemini laid off around 68 of its employees as part of a cost-cutting effort.
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