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New $500 Million Crypto Fund To Be Launched In USA

20:58 01/11/2018

Wilshire Phoenix, an investment company that provides services on asset management, will launch an institutional fund in cooperation with the Coinbase Custody crypto repository, as reported in the press release.

The firm intends to launch the fund by the end of 2018. It is assumed that it will be built on the principles of statutory trust and its capital will amount to $500 million. The establishment will provide investors and financial organizations with an opportunity to access bitcoin or cryptocurrency indices. Besides, it will help mitigate the risks related to frequent and unexpected fluctuations in the price of the first cryptocurrency.

Often, interested parties experience difficulties deciding whether to buy BTC because of pricing models within Generally Accepted Accounting Principles (GAAP). The company hopes to be able to resolve this issue. The foundation will not use derivatives and will not charge any additional fees.

Bill Herrmann, the founder and head of Wilshire Phoenix, believes that Coinbase Custody will give his company the opportunity to use one of the best platforms for secure storage of cryptocurrencies. According to him, the crypto firm is not just making plans for the future but already offering products for institutional investors.

Apart from the services of a reliable cryptocurrency repository, the platform will offer the company’s clients the ability to conduct audits under the GAAP rules, Sam McIngvale, CEO of Coinbase Custody, stated.

As previously reported, Coinbase, in collaboration with Circle, launched a project aimed at the creation of clear legal rules for working with stablecoins.

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