Australian investors now have a new way for investing in cryptocurrency markets. This led to a publicly listed firm to launch a fund focusing on this field. Australian blockchain group DigitalX Ltd is launching an investment service for cryptocurrencies. It will as well as work on websites that are going to cover news and education about digital assets.
There was a gap in the market that made DigitalX Ltd to create DigitalX Investments which aims at giving investors access to cryptocurrencies. This investment company will focus on leading cryptocurrencies in Australia. The company will also allow for diversification on ICO tokens, fiat, crypto derivatives and managed schemes. Tim Davies from Ellerston Capital was appointed as portfolio manager.
To come up with such a fund, DigitalX had to pitch $750,000 from its ethereum and bitcoin holdings and they are set to hold 73% as investment advisor. Most of the investors were happy with DigitalX based on the direction that they have taken. This great news led to the company’s share price to jump as high as 27% during its trading on Tuesday at the Australian Securities Exchange (ASX). DigitalX managing director Leigh Travers said that the fund had the following to say.
“We believe cryptocurrencies are under-researched by mainstream asset managers and there is an opportunity to leverage our expertise in blockchain technology and crypto-asset investment to create value for our clients.”
There have been fluctuations in prices for cryptocurrencies such as bitcoin in the past years. In order to
“That no individual investment may exceed 20% of the fund assets except into bitcoin or cash, at the time of investment and all crypto-assets will have their legality confirmed in the jurisdiction in which those crypto-assets are issued or offered,” said Travers.
“DigitalX continues to aim to be a leading player in the crypto-asset space in Australia and has to date built extensive experience within its team managing crypto-assets and understanding the protocols behind different crypto-assets, including currencies and tokens,” Mr Travers said.
Besides to what it is currently doing with regards to the new fund, the Australian blockchain group announced that it is going to enter into the crypto education space. And to show that it is serious about the matter, the company has partnered with a digital media provider-Multiplier to create two websites Coin.org and Multipliercrypto.com to act as a platform that will educate the Australian public about cryptocurrencies and the tech behind them. They will offer short video tutorials on crypto assets and will be delivered by experts in the industry so as to help those who are new.
“These sites will be a platform to educate new investors from around the world about the opportunities and risks of crypto-assets, including cryptocurrencies and ICOs, including being a resource for updated regulatory information as it continues to develop,” Travers said.
“The value of cryptocurrency digital real estate is expected to grow significantly with recent news from the world’s largest technology companies Google, Twitter and Facebook to limit cryptocurrency advertising,” he added.