Tech & Science Tech: DigitalX is launching a bitcoin fund, promises less red tape and risk

02:55  13 november  2019
02:55  13 november  2019 Source:   stockhead.com.au

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DigitalX is a Blockchain company with offices in Perth, Sydney and New York. The Company offers blockchain consulting and development services and asset management services focused on technology , including Blockchain and emerging technologies .

Red tape is an idiom that refers to excessive regulation or rigid conformity to formal rules that is considered redundant or bureaucratic and hinders or prevents action or decision-making.

a person wearing a hat: bitcoin pizza day© Stockhead Australia bitcoin pizza day

Crypto advisor DigitalX (ASX:DCC) is launching a less complicated bitcoin fund.

The company wants to grow its funds under management and utilise its bitcoin holdings. It will invest half of its bitcoin earnings into the fund — $2.75m based on a price per bitcoin of $12,800.

The fund will charge a management fee of 1.65 per cent annually but it won’t incur performance fees. It will only be available to wholesale and professional investors and it will not be listed.

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Bitcoin 's 1,500 percent surge last year has stoked investor demand for any product with exposure to the red -hot asset. A host of companies are jostling to The Winklevoss fund is seeking to invest in bitcoin directly. Other fund firms staked their hopes on recently launched U.S.-listed bitcoin futures

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The company told shareholders the fund would have less administrative burden and risk associated with acquiring bitcoin. Investors will be able to select and store bitcoin using a secure wallet procedure and trade quickly.

While each individual crypto exchange usually requires a formal sign up, this won’t be required, according to DigitalX.

Traditional structure, new asset

DigitalX executive director Leigh Travers told Stockhead he expected to begin deploying capital in December following a roadshow later this month. He wants to emulate Grayscale’s bitcoin fund in the US.

“There has been investor caution in getting involved in the bitcoin space because of the rules,” he said.

“They don’t know how to custody, administer it in your super fund, how to account from a tax perspective.

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A bitcoin ETF has been viewed as a natural next step in its maturation as an asset and could precipitate the entrance of more retail investors into the crypto market. But the idea of a bitcoin ETF has received pushback from regulators that don't think markets for cryptos are properly monitored.

The race to launch bitcoin funds is still likely to charge forward, analysts said, as fund managers rush to address the SEC‘s concerns and redesign their Merk said he knows of several funds that have examined the criticisms of the past filings and are determined to push through with their bitcoin ETF

“It’s a traditional investment structure with exposure to this new asset investors want to get involved in”.

DigitalX shares have had a rough few months due to declining revenues in conjunction with the falling crypto market. The company was also caught up in a lawsuit initiated by investors of an ICO last year, but settled the case in May.

Today, the stock rose 7 per cent at market open.

Read More:

Aussies own more bitcoin than hybrid cars, but blockchain won’t be bigger than the internet

Deep into the red, DigitalX says ICOs aren’t done yet and STOs are the future

In other ASX tech news today:

Edtech company KneoMedia (ASX:KNM) reported that its content had been launched into schools for the first time. It also reported strong sales momentum in recent months – 12,500 Total Seat Licences have been sold since June in New York City alone. This first deployment triggers a $300,000 payment to the company from its distribution partner Dell.

EML Payments (ASX:EML) climbed 10 per cent this morning as its holds its AGM. It reiterated earnings guidance of between $38.5m and $42.5m for this financial year and net profit after tax of $26.2m to $29.4m.

The post Tech: DigitalX is launching a bitcoin fund, promises less red tape and risk appeared first on Stockhead.

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