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CoinJar announces first cryptocurrency index fund for wholesale investors in Australia
Australian bitcoin startup CoinJar has announced the country’s first index-style cryptocurrency fund for wholesale investors.
In an online post dated August 2, CoinJar introduced the CoinJar Digital Currency Fund, which will allow wholesale investors to access cryptocurrency markets with minimal hassles. For qualifying, investors must have AUD$2.5 million in net assets or AUD$250,000 in annual income.
“The CoinJar Digital Currency Fund (The Fund) takes on the management and security of the assets on behalf of the investor. The underlying cryptocurrency assets are secured safely in multi-signature digital wallets which provide an additional layer of security for investors,” it said.
According to the announcement, the fund has two classes, which will offer wholesale investors a convenient way to invest with Australian Dollars:
“Management fees are 1.3% per annum for Bitcoin Class and 1.8% per annum for Mixed Class plus normal operating costs,” CoinJar said.
New investors will be required to make a minimum investment of AUD$50,000 and AUD$10,000 for each subsequent investment.
Founded in 2013, CoinJar is a platform that enables the buying and selling of bitcoins and allows merchants to accept bitcoin payments. In June 2018, the company announced the launch of CoinJar Exchange, an advanced crypto trading platform that supports high-frequency, low-latency execution for experienced traders.