The First Mutual Bitcoin Fund Will Start Operating in Europe
November 22, 2017
The 22nd of November will certainly go down in history. Why? It was just the day when the the French investment company Tobam broke tremendous news. As a matter of fact, this company, which manages assets of $9 billion, is going to launch the first mutual bitcoin fund in the history of Europe. The company expects to draw the institutional investors’ attention to Bitcoin by creating an unregulated alternative investment fund.
On the one hand, the interest in Bitcoin is steadily growing. Actually, it is stimulated by a number of factors, for example, the opening of bitcoin futures trading by the largest exchange of the CME Group’s financial derivatives. On the other hand, due to the unregulated nature of cryptocurrency, lots of large investors or companies face legal difficulties and, as a result, do not invest in Bitcoin.
As for Tobam, the company believes that the created fund will make this area more attractive for institutional investors. It is noteworthy that at the European level, this fund is not regulated, but it was approved by the French financial regulator AMF and audited by PricewaterhouseCoopers Company.
"Our company always relies on research, therefore, before launching this fund, we have studied Bitcoin from a technical, financial, economic and regulatory points of view throughout the year," said Yves Choueifaty, the President of Tobam.
In addition, Christophe Roehri, managing director of Tobam, clarified, "Direct investments in Bitcoin can be rather complicated in terms of operations: you need to choose a platform, follow security measures and track any changes in the cryptocurrency protocol. Our aim is to take control of all operational difficulties by giving institutional investors access to the process. And all of that will be in the format of a fund”.
All in all, the Tobam Fund will be available for institutional and highly qualified investors from around the world and will operate on the basis of private placement.