The Monetary Authority of Singapore (MAS) green-lighted two new institutional-grade Bitcoin Funds issued by leading asset manager Fintonia. The two Bitcoin funds namely The Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund would offer long-term exposure to institutional investors in the country. The two new Bitcoin funds aim to cut down the complexities involved in buying BTC from various exchanges and offer a secure way of investing.
The Fintonia Bitcoin Physical Fund would invest in physical Bitcoin and issue their company shares based on their Bitcoin holdings. Physical Bitcoin refers to the fact that the company would buy actual Bitcoins rather than investing in derivative products. Adrian Chng, founder, and chairman of Fintonia Group said,
“The fund acquires ‘physical’ bitcoin, meaning we will buy the actual bitcoin [rather than] a derivative instrument on bitcoin. As an MAS regulated fund manager with strict standards, we can connect with multiple exchanges and different market-makers, enabling us to find the best prices, as well as buy or sell at volume. The fund also enables efficient cash or crypto transfers, resolving the challenges around moving large amounts of cash in or out of the system.”
The firm also promised impeccable security services as the two new Bitcoin funds would secure their holdings with a licensed and insured custodian. Fintonia is one of the leading asset managers in Singapore and expects its two funds to grow in “triple-digit millions” in one year.
Fintonia’s Bitcoin Fund to Offer Loans
The second Bitcoin fund in the form of the Fintonia Secured Yield Fund promises to offer direct loans to Bitcoin holders. The main aim of the fund is to offer monetary benefits to BTC holders without them selling their holdings.
“Bitcoin is an excellent form of collateral for loans. It trades 24/7 and is highly liquid, with approximately $30bn to $60bn per day. If required, it can be quickly liquidated in comparison with, for example, commodities and real assets.”
Singapore has increasingly become a top choice for many crypto giants in the recent past. The regulatory environment in the country seems to suit the needs of crypto service provides because of which the likes of Binance, Coinbase, and FTX want to expand their business in the country.
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Football Clubs Look To Mine Cash Revenue With Crypto Offerings
- Fed Readying To Launch The US Crypto Policy? White House Directs Agencies To Prepare Report
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?