The Swiss financial supervisory authority Finma has approved the launch of a cryptoasset fund by the local fintech Crypto Finance.
Crypto Finance said that the vehicle will be the first cryptoasset fund in Switzerland to allow institutional and professional investors to invest with the company and its two partners.
“The All-Swiss venture includes partners PvB, which manages the fund, and SEBA Bank, which provides the custody account for the fund,” the company said.
The passive investment fund tracks the performance of the Crypto Market Index 10, which is managed by SIX Swiss Exchange based in Zurich. The index follows and measures the performance of the world’s top 10 cryptoassets by market capitalization.
“The mutual fund will enable clients of innovative wealth and asset management companies to participate in this upcoming asset class and further diversify their portfolio in a secure and regulated manner,” Bernadette Leuzinger, CEO of asset management at Crypto Finance, was quoted as saying.
Guido Buehler, CEO of SEBA Bank, said that “due to the launch of the product, asset managers will now be able to offer strategies based on cryptoassets to a wider audience by using Swiss-based mutual fund structures with SEBA Bank as an authorised custodian,” adding that they are “excited to enable liquid mutual funds for investors using cryptoassets as their underlying investment universe.”
Last June, the German stock exchange giant Deutsche Börse Group announced, that he bought a majority stake in crypto finance as part of his strategy to build a European digital asset ecosystem.
“With an investment in the moderate three-digit CHF million range, Deutsche Börse will hold a two-thirds majority stake in the fintech founded in 2017,” the Group said.
Crypto Finance was founded in 2017 and provides asset management solutions, brokerage services for cryptoasset trading, as well as crypto asset storage infrastructure and tokenization solutions.