One of the oldest banks in Germany known as Hauck & Aufhäuser is planning on rolling out a cryptocurrency fund by the beginning of the next year. This is the first time that a private traditional bank is launching a cryptocurrency fund. The newly-proposed digital currency fund is called the HAIC Digital Asset Fund.
German Bank Partners with Kapilendo
As reported by Fund View recently, the private traditional bank is signing a partnership agreement with Kapilendo a fintech company based in Berlin. Kapilendo will be collaborating with the German bank for the launch of this so-called cryptocurrency fund.
Reportedly, the fund will be rolled out in the month of January 2021 under the bank’s cryptocurrency arm Hauck & Aufhäuser Innovative Capital (HAIC).
Germany's mid-sized traditional bank Hauck & Aufhäuser (founded back in 1796) starts crypto fund as of January 2021 – https://t.co/Y44328fReP
— Philipp Sandner (@philippsandner) December 3, 2020
The main focus of this bank will be on institutional as well as semi-institutional investors who are looking forward to making investments in top digital currencies. This fund can be leveraged by high net-worth individuals.
The focus will be on three top digital assets
According to the report, this cryptocurrency fund will focus majorly on three top digital assets initially including the world’s largest cryptocurrency in the world by market cap Bitcoin (BTC), the second-largest cryptocurrency in terms of market cap Ethereum (ETH), and XLM the native cryptocurrency of the Stellar blockchain.
Commenting on this initiative of the cryptocurrency fund, the member of Board of Hauck & Aufhäuser Holger Sepp said in a statement:
“We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors. With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class while meeting the established quality standards and high demands of Hauck & Aufhäuser.”
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