Galaxy Digital launches two new Bitcoin funds – Axtschmiede
Galaxy Digital launches two new Bitcoin funds
The investment bank Galaxy Digital now uses Bakkt and Fidelity Digital Assets to bring two Bitcoin funds for the older generation of Americans over 50 on the market. Galaxy Digital wants to bring financial strength, but classic investors in the next few months, the love of crypto investment.
Since November 19, there are two new Bitcoin funds at the investment bank of Michael Novogratz: the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The company is relying on Bakkt and Fidelity Digital Assets to preserve the Bitcoin of the new funds. These are aimed at accredited institutional investors. In a phone interview with Bloomberg , Steve Kurz, head of Asset Management at Galaxy Digital, said:
The existing landscape for accessing Bitcoin is incomplete. We try to offer secure service providers, low fees and easy access to Bitcoin. We wanted to create something that integrates with existing infrastructure.
Wealthy newcomers wanted
Above all, Galaxy Digital wants to pick up the wealthy, older generation from 50 onwards. Not only will this generation discover its love of the cryptocurrency over the next few months, but the company also suspects financially strong investors here. The minimum deposit is $ 25,000.
Mike Novogratz, CEO and founder of Galaxy Digital, explains:
As you can see, Bitcoin currently far outperforms other coins. And I think that will take so long until these coins are fit for purpose. You also get more suitable people — there are probably 20 billionaires who have earned their money outside of Krypto and are now in crypto.
The Bitcoin funds are based on Bakkt as a custody option
Bakkt had previously announced that it would serve as custodian for Bitcoin’s Galaxy Digital fund. Kelly Loeffler, CEO of Bakkt, said in a press release:
As institutions and discerning investors seek exposure to digital assets through new investment products, they seek the highest standards of asset safety. The Bakkt Warehouse is designed to enable the custody of institutional-quality digital assets and to support the development of the market alongside products such as the Galaxy Bitcoin Funds.
Bitcoin Funds, Galaxy Digital launches two new Bitcoin funds
Of course, Bakkt is not a blank record in the bitcoin sector. Just recently, the company opened the crypto-warehouse for custody of bitcoins for institutional investors. In addition, the company wants to bring the Bitcoin to Starbucks to provide for a price upswing. Bakkt thus focuses on the broad adaptation of the well-known coin.
Galaxy Digital: Mission Bitcoin Fonds
The high-profile cast in the background does not stop at Bakkt. For example, Bloomberg LP will be the price agent for the Bitcoin funds. Fidelity Digital Assets plays a role in the safekeeping of the requested coins. While Deloitte & Touche LLP take over the audit, Ernst & Young LLP provides the tax hedge. In terms of legal advice Davis Polk & Wardwell LLP are there. Novogratz explains:
Galaxy continues to believe in Bitcoin and has made significant progress in institutionalizing the ecosystem of digital assets. We believe that these efforts represent an important step forward in fulfilling this mission.
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Published at Thu, 21 Nov 2019 18:55:41 +0000
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