First Insured Bitcoin Fund Opens for Southeast Asian Markets
A regulated and insured bitcoin fund has been launched in Malaysia to serve the region’s institutional investors.
According to an announcement Monday, the BCMG Genesis Bitcoin Fund-I (BGBF-I) falls under the oversight of the Labuan Financial Services Authority in Malaysia and is said to be the first insured bitcoin fund in Southeast Asia.
The fund will be administered by Alpha Calibration, while Hong Kong-based HLB Hodgson will be responsible for the auditing. Labuan-based IBH Investment Bank is to serve as the primary fund adviser.
The BGBF-I fund will use an artificial intelligence-powered blockchain-based platform from insured crypto exchange CGCX.io to minimize transaction costs and store crypto assets.
Investment subscription contracts will be held in custody at regulated banks for added security, per the announcement.
The fund will invest in market makers, bitcoin liquidity providers and other cryptocurrency investment opportunities, per its website.
Read more: Third Bitcoin ETF Expected to Launch in Canada This Week
