Bitcoin fund approved by Praemium
Wealth management platform provider, Praemium, has announced that Monochrome’s Bitcoin Fund (MBF) is now available to wholesale investors via its Powerwrap product suite for private wealth, managed accounts and non-custodial investment solutions.
MBF was a capital growth fund for wholesale investors who sought a familiar investment vehicle that closely tracked the price of bitcoin, issued via an information memorandum, the firm said.
Its approval would complement the firm’s recent launch of Monochrome Research which was dedicated digital asset research and education division designed to meet the growing need for knowledge on this asset class.
Praemium’s head of investment managers and governance, Damian Cilmi, said Monochrome was setting the standard for exposure to digital assets in Australia.
“There is growing interest in the high net wealth investor segment for cryptocurrency investment opportunities and the formation of Monochrome Research shows industry-defining leadership on building knowledge and education around this space,” Cilmi said.
Monochrome’s chief executive, Jeff Yew, said: “With consumer demand for digital assets on the rise, Praemium has stepped forward as the first-movers to support regulated investment vehicles offering investment-grade exposure to bitcoin via the Monochrome Bitcoin Fund”.
AUTHOR
Oksana Patron
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