Galaxy Digital, a full-service cryptocurrency bank based in New York, is introducing two new Bitcoin funds: Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund.
New funds receive support from major industry players, demonstrating Bitcoin's steady push and growing interest from institutional investors.
The custodians will be the digital asset trading platform. Bakkt and Fidelity Digital Assets. Bloomberg LP will act as a price agent. The Big Four audit firms Deloitte and Ernst & Young will provide tax and auditing services for both funds.
According to press release , funds are passively managed investments that provide access to a leading cryptocurrency at low cost.
A minimum investment of 25 000 US dollars is required for the Bitcoin Galaxy Fund, which has “quarterly liquidity”. Galaxy Bitcoin Fund for Institutions has “weekly liquidity” and requires an increase in minimum investment.
Steve Kurtz, head of asset management at Galaxy Digital, says:
“Galaxy bitcoin funds help accredited investors mitigate the complexities and risks of managing direct bitcoin investments. The funds provide investors with access to bitcoins with ... best-in-class service providers and support for the Galaxy platform. ”
Meanwhile, Fidelity Digital Assets has just received a license from the New York State Department of Financial Services, reported company on Tuesday. Boston-based Fidelity Investments' cryptocurrency division will now be able to offer its cryptocurrency trading and custody services to companies based in the state.
Tom Jessop, president of Fidelity Digital Assets, says there is growing institutional interest in space.
“We experienced a high level of interest from these companies and expect that their more active participation in this industry will expand the range of activities and development across the entire spectrum.”
Bakkt, a rookie who is experiencing a steady increase in demand, has also just overcome another milestone by reporting 100 million dollars in monthly aggregate volume.
Yesterday, Bakkt breached the $ 100mln mark in monthly aggregated volume for the first time in its young history. pic.twitter.com/RnGG9VLAKO
- skew (@skewdotcom) November 19, 2019