Iconic Funds’ application to launch a Crypto Asset Index Fund has been in-principle approved by the Malta Financial Services Authority (MFSA).
The fund aims to be one of the first fully regulated crypto funds in the world and offer the same high-quality assurances investors deserve from traditional financial markets in crypto. Having received in-principle approval, the fund is expected to open for qualified investors in Q3, 2019.
The fund invests in the top-20 crypto assets by market capitalization, offering a passive and diversified exposure to the growth of the crypto-asset market through an indexation strategy.
The Professional Investor Fund (“PIF”), administered by Fexserv Fund Services, uses only licensed third-party service providers for crypto-asset custody, trade execution, audit and more, all enabled through Iconic’s AMaaS platform.
The fund seeks to track the BITA-20XA Index, published by the digital index provider, Bita Data, and rebalances on a monthly basis to limit transaction costs. The index excludes anonymous and other potential non-compliant crypto assets to provide the highest level of investor protection.
“This is a big step not only for Iconic and our burgeoning community but for the crypto markets as a whole,” said Patrick Lowry, CEO of Iconic Holding and Managing Partner of Iconic Funds. “Institutional investors are seeking avenues to invest in crypto assets, but do not yet have structured and regulated investment products to do so, relegating them to the sidelines. Our investment products offer such investors compliant and familiar means to gain exposure to crypto-assets so they may participate in the world’s fastest-growing asset class alongside our community.”
After exploring many jurisdictions to domicile the fund, Iconic settled on Malta due to the robust and clear regulatory framework related to crypto-assets. The PIF itself, a structure unique to Malta and an open-ended fund, provides enhanced liquidity for investors relative to other similar, closed-end products.
Dr. Deborah Chappell, Director of the Fund, said, “Malta has been at the forefront of financial innovation for the past couple of years and it augurs well to have the Fund set-up and licensed in Malta. It is exciting to participate in the crypto asset revolution and to offer institutional-grade investment products to expedite the adoption of crypto as a genuine asset class across the board.”
Iconic Funds’ intends to continually add new crypto investments products to its portfolio and will soon launch exchange-traded crypto products, such as ETNs and ETFs, beginning in Q4.
Iconic Funds is the issuer of a series of enterprise-grade crypto asset index funds and exchange-traded products. Structured as a Joint Venture between Iconic Holding and Cryptology, Iconic Funds’ portfolio of regulated crypto-asset investment products offers investors passive and diversified exposure to the world’s fastest-growing asset class.
Iconic Fund’s investment products are issued through the AMaaS ecosystem, leveraging licensed third-party service providers and fund administrators as the group champions traditional asset management best practices.
Iconic Holding is a global crypto asset management firm and fintech company builder headquartered in Frankfurt, Germany with offices in London and New York.
Iconic Holding launched Iconic Lab, a global venture capital group and blockchain accelerator program, in early 2017 and has issued a series of crypto asset index funds under the Iconic Funds brand. Iconic Holding is the developer of the crypto asset management platform, AMaaS, and the issuer of the ICNQ token.
Iconic Holding is a portfolio company of FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A), High-Tech Gründerfonds (HTGF) and Cryptology.
Cryptology is a Malta-based investment company investing in crypto assets and crypto companies around the globe. Founded by Christian Angermayer’s family office, Apeiron Investment Group, and backed by crypto-legend Mike Novogratz, the company aims to become the leading crypto asset holding company in Europe. Cryptology’s portfolio includes Block.one, nextmarkets and Iconic Holding among others.