TOBAM, a French asset management company, announced today that it is now launching TOBAM Bitcoin Fund. This type of financial intermediary related to bitcoin is the first European one. The expertise and top-notch research and the available IT systems of the company make it even more exciting as news about bitcoin’s future. All institutional investors and those that qualify will be able to access the “people’s currency” through the mutual fund.
As reported by the Financial Times, the mutual fund’s start comes right after the approval from the Autorité des Marchés Financiers, one of the country’s top financial regulators. Also, PwC will perform auditing services while Caceis, the asset servicing banking group of France-based Crédit Agricole, will hold custody of the bitcoins tied to the fund.
Yves Choueifaty, the President of TOBAM, announced:
“Research is the founding pillar of TOBAM, and we have conducted research from a technical, financial, economic, and regulatory point of view on Bitcoin for a year prior to launching this fund. This first move in the world of cryptocurrencies showcases our dedication to remaining ahead of the curve and to provide our clients with innovative products in the context of efficient (i.e. unpredictable) markets.”
What the Head of Business Development, Christophe Roehri, explained is that in today’s upsurge with bitcoin and bitcoin-related products, the choice of platform, security measures and everything else that needs to be decided can be time-consuming and can create a lot of operational challenges.
Given the rising popularity of bitcoin, with its price constantly rising, and the fact that CME is launching bitcoin futures, the interest towards the cryptocurrency is not going anywhere. Now, Europe will enjoy its first Bitcoin mutual fund.