Blockchain VC Firm CMCC Global Launches Bitcoin Tracker Fund

Blockchain VC Firm CMCC Global Launches Bitcoin Tracker Fund

Blockchain News
September 20, 2019 Editor's Desk
315
A major blockchain-centered venture capital firm in Asia, CMCC Global, has initiated a new institutional tracker fund for Bitcoin (BTC). Custody by Hong Kong Stock Exchange-listed firm The Bitcoin-focused fund, called the Liberty Bitcoin Fund, uses Anxone, which is a custodial solution built by a technology and digital asset firm that is included in the
CMCC Global Bitcoin Fund Tracker

A major blockchain-centered venture capital firm in Asia, CMCC Global, has initiated a new institutional tracker fund for Bitcoin (BTC).

Custody by Hong Kong Stock Exchange-listed firm

The Bitcoin-focused fund, called the Liberty Bitcoin Fund, uses Anxone, which is a custodial solution built by a technology and digital asset firm that is included in the Hong Kong Stock Exchange, BC Group. 

Being one of the first blockchain VC companies in Asia, CMCC Global has developed the Liberty Bitcoin Fund for providing an institution-level access to BTC without worrying about purchasing and safekeeping coins, according to the press release published on September 17th. The latest fund is reportedly the first of its kind in Asia.

Offline insurance to protect from thefts

As stated by the company, the Liberty Bitcoin Fund is limited only to the accredited investors and grants weekly liquidity, while the fund investors will be enabled to get net asset value statements every month in United Stated dollars to be used for tax filings and internal accounting. 

CMCC Global explained that the fund is operated as a mutual fund in the Cayman Islands and gives comprehensive insurance stored offline for security from both physical as well as digital theft.

BC Group owns a portfolio of many blockchain firms. It also includes Anxone, the crypto trading platform, and OSL, the digital asset brokerage. It had released its proprietary custody solution in April this year. 

Hong Kong is significantly one among the top countries with the biggest number of digital currency exchanges, along with the U.S., the U.K. and Singapore.

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