CRYPTO-CURRENCIES NEWS: Former Manager Of Bain Opens A Bitcoin And Etherium Fund of $ 50 Million
The wealthiest families of South America will now have access to a new way of investing - in part thanks to the former manager of the consulting firm Bain & Company.
The Crypto Assets Fund (CAF), co-founded by Roberto Ponce Romey, will help raise $ 50 million for the acquisition of digital currencies for companies specializing in managing family capital. It is reported that Crypto Assets Fund will directly invest in btc, ether, zcash, ripple, lightcoin and dash.
The first series of investments with the planned $ 10 million is already coming to an end, the results will be announced at the end of the month.
In an interview Romey explained that the purpose of the fund consists of two parts. First is to give investors in countries with an unstable economy (in Latin America) a new hedge for their investments. Secondly - to acquaint a wider audience with safe ways of preserving values ​​(for possible future investments).
As Romey says, more and more investors are coming to know about crypto-currency assets, so CAF's chances of attracting new funds are great, including through the so-called. "Initial offers of coins" (ICO).
"This fund will be managed by investors.
It has a very simple strategy of accessing a wide audience for crypto-currencies, "said Romey, who is also the director of a small investment company Invermaster.
He added: "Investors have long been waiting for this opportunity."
Anatomy of the Foundation
The foundation's documents give an idea of ​​how a firm from the British Virgin Islands intends to invest the capital provided by its limited shareholders (not involved in entrepreneurial activities).
Other fund co-founders, including Ripio startup bitcoin vice president David Garcia and ARG Capital partner Miguel Iriberne collect cash through accredited family capital management firms in Argentina, Costa Rica and other countries in South America.
The work is aimed at acquainting potential crypto-currency investors with bitcoin and ether, with which there are no problems in terms of regulation, taxes and storage. The service does not impose a fee for services, but 30% of the future income of customers will be accumulated in the fund in compliance with certain conditions.
It is expected that at the time of the launch, the funds will be based in the Swiss company Xapo using over-the-counter trading services from B2C2. Recall that B2C2 - is the creator of electronic markets, reporting to the British Office of Financial Supervision (FCA) and brokerage fund from Silvergate Bank.
Half of all initial funds will be invested in bitcoins, while the other half will be distributed among other crypto-currencies. Initially, the fund will be available for accredited investors in Latin America - primarily for managing family capital firms in Argentina and Costa Rica. But in the future it is planned to work with new assets and other investors.
Investors, who will contribute at least $ 2.5 million, will be given the opportunity to store funds up to five years.
"Basically, we focus on managing family capital firms in Latin America," Garcia said.
"But there are other interested players as well.
The fund's strategy also corresponds to what they are looking for."
Innovative Wealth
Although bitcoin and other crypto-currencies were originally announced as a means of attracting the "non-banking population" of developing countries to the world economy, the situation has changed in recent years.
Despite the fact that earlier crypto currency was used by foreign workers wishing to send money home, the latest experience shows that they can be successfully used for rich families.
Now, based on the analysis of the profitability of the Crypto-currency, CAF plans a minimum target income of 26% per year for three years (with the expected "target" yield of 71%).
But Garcia said that Latin American family investors are looking not only for new ways to make money - they are looking for reliable ways to hedge against the unstable rates of some currencies.
He explained:
"Savings in local currencies is not the most reasonable solution."
