Bitwise Raises $4million in VC Funding
Big time investors chip in to raise $4million in seed funding for new investment startup
Bitwise Investments, a cryptocurrency investment startup, have launched a passively managed index fund and raised $4million in seed funding.
The San Fransisco-based startup have attracted investment from the likes of Blockchain Capital, Khosla Ventures and General Catalyst. The fund will allow investors to enter the fund at a minimum of $10,000, but they will not need to worry about which currencies to invest in. The passively-managed fund will take care of that, with the top ten cryptocurrencies by market capitalization all being covered.
The fund is currently limited to US-based investors, and is not an Exchange Traded Fund (ETF).
HOLD 10 Is Completely Hands-Off
The fund, called HOLD 10, will take hard forks into account, and will follow market trends to keep with the current top 10. It is the ideal opportunity for investors who do not wish to keep up with the latest trends themselves. When tested as a backdated, theoretical fund from the beginning of 2017, HOLD 10 investors would have improved on their investments by over 1700 per cent.
Keith Rabois, one of the investors, said “As cryptocurrencies become more mainstream, a private index fund, like Bitwise, is an incredibly important step to simplifying the complexities in the space and making it more accessible.”
Bitwise plan to use part of the investment to hire ten employees; five on the engineering side and five on the investment side.