One of the oldest traditional banks in Germany Hauck & Aufhäuser is going to launch the first cryptocurrency fund in the year 2021. As per an official announcement, this crypto fund is expected to be launched in the first month of the next year.
The HAIC Digital Asset Fund
This cryptocurrency fund is known as the HAIC Digital Asset Fund. As reported by Fund View, the private German bank is launching this crypto fund in a joint collaboration with Kapilendo a major fintech firm based in Berlin.
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
Reportedly, the main focus of this cryptocurrency fund will be on three major digital currencies. These include the world’s largest cryptocurrency by market cap Bitcoin (BTC), the second-ranked digital currency Ethereum (ETH), and the native digital token of the Stellar blockchain XLM. The minimum investment amount that investors are required to make into this cryptocurrency fund is $243,000 (€200,000).
Moreover, the announcement stated that they are not required to go through any subscription process for making an investment as they will be allowed to divest or invest in the fund at any time. An average fee of 2.05 percent will be charged to clients for their investment.
The crypto fund aims at institutional investors
Furthermore, the bank revealed in the announcement post that this fund will be aiming at institutional and semi-institutional investors who intend to make investments in cryptocurrencies. It is one of the first cryptocurrency funds that is being launched by a private bank. Institutional investors or high net-worth persons will be able to leverage this fund.
While commenting on this, the member of the Board of Hauck & Aufhäuser Holger Sepp said that cryptocurrencies have overwhelmingly attracted the attention of institutional investors over the course of time. This fact seems to have led them to take this decision to further bring institutional investors to the cryptocurrency industry.
“With the launch of our first crypto fund, we and Kapilendo 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,” he added.