Bitwise Asset Management is a San Fransisco based provider of index and beta of crypto assets funds. It launched the first ever cryptocurrency index, the Bitwise 10 Private Index Fund, in 2017. The Asset Manager has also applied for an ETF approval with the Securities Exchange Commission (SEC) in the US.
Bitwise’s Chief Operating Officer, Teddy Fusaro, noted on their choice of crypto custody. He said in the blog post,
“Our choice of partners is critical in this regard, particularly when it comes to crypto custody. It’s Bitwise’s goal to be the leading brand in crypto asset management and in order to do that we rely on other trusted leaders in the industry like Coinbase Custody.”
Coinbase Custody provides secure and ensured storage for a variety of cryptocurrencies. It has a $255 million limit insurance placed by Lloyd’s registered broker Aon and sourced from a global group of US and UK insurance companies. The Chief Information Security Officer of Coinbase, Philip Martin, noted,
“Lack of insurance simply shouldn’t be a limiting factor for institutional investors any longer.”
Bitwise asset management’s index funds and future ETFs will necessarily require a lot of custody. Moreover, cross-managerial efforts of two leading firm in the space also reinstate trust in their products.
Bitwise was the pioneering company that released the ‘fake reported volume’ report, which highlighted the extent of wash trading in the market. Moreover, it has taken careful consideration of the market and SEC guidelines to gather and implement authentic behavior. Currently, Bitwise serves institutional investors like family offices and financial advisors to pensions, endowments, foundations, and high net worth individuals.
Do you think that cross-industry efforts are the way forward? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com