Singapore-based private market exchange ADDX has announced the debut of its first cryptocurrency product, a digital asset fund by investment manager Trovio Capital Management (TCM).
The exchange, which is backed by the SGX, is aiming to establish itself as a regional hub for the digital assets market.
The TCM Digital Asset Fund will take core positions in bitcoin and ethereum as well as seven other cryptocurrencies. KPMG has been appointed as the independent auditor of the fund while Coinbase will provide custody and trading services.
“We believe the time for discussing whether cryptocurrencies have a place in an investment portfolio is all but over,” said Oi Yee Choo, COO of ADDX. “The more relevant question now is around how one should manage the risk of crypto investments, from an asset custody as well as a price volatility standpoint.
“Professionally managed crypto funds with a good track record can potentially address these risk concerns for investors,” he added.
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