Two Centuries-Old German Bank Announced A Cryptocurrency Fund for 2021

Spread the love

Institutional and semi-institutional investors will be able to participate in a new cryptocurrency fund to be launched by a legacy German bank.

Hauck & Aufhäuser, one of the oldest German banks is making a play for the emerging cryptocurrency space with the launch of a crypto fund early next year. Commercial banks in the country continue to show a significant appetite for virtual currencies on the back of a firm but a favorable regulatory mandate from government authorities.

DAIC Crypto Fund for Bitcoin, Ether, and Stellar

According to Fundview on Dec. 3, Hauck & Aufhäuser seeks to introduce a cryptocurrency fund by January 2021 under the stables of its digital investment arm, Hauck & Aufhäuser Innovative Capital (HAIC). HAIC will partner with the Berlin-based fintech company, Kapilendo, to launch the fund.

Dubbed HAIC Digital Asset Fund I., it will cover three crypto-assets namely Bitcoin, Ether, and Stellar. Also, the new crypto fund targets semi-institutional and institutional investors. While the subscription period is unlimited, the minimum entry point for investors is set at 200,000 euros ($243,000).

Commenting on the bank’s new crypto fund, Holger Sepp, a member of the bank’s board of directors, said:

“We see that digital assets and crypto currencies are becoming increasingly attractive to institutional investors.

With the launch of our first crypto-fund, we have created an innovative investment vehicle together with Kapilendo, which provides our customers with a cost-effective and secure access to the novel asset class crypto, while meeting the established quality standards and high demands of Hauck & Aufhäuser.”

BaFin License Superseded The Fund

Hauck & Aufhäuse’s soon to be launched crypto funds is coming after the bank secured a BaFin license for its digital asset investment subsidiary dubbed Hauck & Aufhäuser Innovative Capital (HAIC) back in Sept. 2020. The BaFin license allows HAIC to operate as a duly-registered capital management company.

RECOMMENDED READ:  China Could Roll Out Its CBDC Without Anyone Realizing

At the time, the bank’s senior hierarchy was already alluding to a foray into cryptocurrencies, with board member Michael Bentlage highlighting:

“Forecasts predict a growing demand for fund products for digital assets and we are also seeing strong interest on the customer side. Therefore it is important for us to set the right course at an early stage and to give our customers access to this innovative asset class.”

Previously, BaFin classified cryptocurrencies as financial instruments thus paving the way for institutional access to the asset class. Back in Nov. 2019, regulators in the country began developing a legal framework for banks to function as cryptocurrency custodians, a necessary development for broad-based institutional involvement.

 236 Interactions,  2 today

READ ALSO:
Bitcoin Price Movement Analysis for 17th April, 2021

Following reports that Turkey's central bank had placed a ban on crypto-holders using their digital currencies for payment, Bitcoin fell Read more

What is the concept of Crypto Arbitrage? – Earn Money With Cryptocurrency

Where there is a price gap between two or more exchanges, there is an opportunity for cryptocurrency arbitrage. Arbitrage is Read more

RECOMMENDED READ:  Goldman Sachs is preparing a Bitcoin offering for its customers, and the price of Bitcoin has risen above $58,000.
Central Bank of Nigeria (CBN) and Nigeria’s SEC iin talks about crypto regulation, 2020 crypto guidelines  suspension unchaged.

The Securities and Exchange Commission (SEC) of Nigeria has reported that discussions with the Central Bank of Nigeria (CBN) about Read more

Bank of Korea’s Governor is the first to criticize the “limitations” of crypto-assets.

In South Korea, there has recently been a large increase in crypto-investments. Unlike in the United States, regulatory authorities in Read more

Bitcoin Price Movement Analysis for 16th April, 2021

Today, the Bitcoin price is plummeting as buyers race to win after it hit an all-time high of $64,945. Bitcoin Read more

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

Finance authorities dismiss cryptocurrencies, in the wake of Coinbase’s IPO celebrations

Economic gatekeepers are taking a closer look at blockchain as mainstream coverage of the Bitcoin bubble and Coinbase listing intensifies. Read more

RECOMMENDED READ:  Federal Reserve Chairman Powell Shares Mixed Message in 60 Minutes Interview
Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

Leave a Reply

Contact Us