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.
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.
Asset manager Hashdex has officially included Cardano in its Nasdaq Crypto Index U.S. ETF. This…
The U.S. Treasury and IRS have released an interim guidance, which highlights plans to ease…
Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…
Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…
Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…
Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…