Australian Blockchain Startup DigitalX Launches Crypto Investment Fundbr>
Blockchain startup DigitalX is launching a new investment fund for cryptocurrencies.
Based in Australia, DigitalX is software solutions company focused on the global digital payments industry developing FinTech products and services in mobile bill payments and remittance space. The company’s AirPocket is designed to provide consumers the ability to make cross border payments and send remittances in any currency, from anywhere, anytime, regardless of transaction size.
Called DigitalX Investments, the fund will invest primarily in the leading cryptocurrencies, with a smaller allocation towards special trading opportunities including initial coin offerings (ICO). Initially, it will have five permitted investments, including cryptocurrencies, ICOs, cash holdings, derivatives of cryptocurrencies, and managed investment schemes.
The fund will be led and managed by former Goldman Sachs Associate Director Tim Davies. The newly-formed DigitalX Funds Management business will act as the fund’s investment adviser and parent-company. DigitalX will hold a 73 percent interest, putting in $750,000 in seed capital drawn from its existing bitcoin and ethereum asset base. Boutique Capital Pty Ltd will license and administer the fund as an authorized representative of Grange Capital Partners Limited.
DigitalX Managing Director Leigh Travers is hoping that this initial small step into funds management could lead to a growth in their portfolio and strengthen the company’s ongoing revenue streams in the space.
“We believe cryptocurrencies are under-researched by mainstream asset managers and there is an opportunity to leverage our expertise in blockchain technology and crypto-asset investment to create value for our clients,” said Travers.
DigitalX also announced its partnership with digital media company Multiplier to launch a new crypto business news website and online cryptocurrency education platform. The websites will cover various breaking news and provide insightful commentary of the crypto-industry. Multipliercrypto.com and Coin.org will be launched soon with both DigitalX and Multiplier owning 50% each in the joint venture.
“These sites will be a platform to educate new investors from around the world about the opportunities and risks of crypto-assets, including being a resource for updated regulatory information as it continues to develop,” said Travers.