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Cryptocurrency hedge fund launched in Australia
Cryptocurrency hedge fund launched in Australia
A retail hedge fund which invests in cryptocurrencies, initial coin offerings, and blockchain technology has been launched in Australia.
The Every Capital fund, set up as a managed investment scheme, will invest in "a range of cryptocurrencies and initial coin offerings", the fund said in a statement.
Every Capital co-founder Tom Surman said cryptocurrencies and related technologies presented an opportunity for investors to diversify, and that Every Capital will present a new avenue for investors.
"A lot of seasoned investors are looking for ways to diversify their investment portfolios, and cryptocurrencies don't really track with any existing asset classes, so they dovetail nicely and may offer potential upside," Mr Surman said.
"Likewise, new investors get excited by the potential of the technology. They also feel left behind by traditional investments such as property and shares which don't generate the returns they used to. Crypto presents opportunities for every Australian, and Every [Capital] will make those opportunities more accessible."
The fund has partnered with cryptocurrency fund manager Astronaut Capital and alternative asset manager Global Merces.
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