Having met the requirements to be an official crypto fund in Hong Kong, Arrano Capital, the blockchain subsidiary of Venture Smart Asia has announced its entry to be country’s first crypto fund.
With more investors getting more interested in investing their wealth in cryptocurrency particularly the Bitcoin, Arrano Capital made this available in the largest continent in the world, Asia.
“We decided to launch this fund to address market demand from professional investors who are increasingly focused on Bitcoin as an alternative store of value. Ultimately for Bitcoin to be widely accepted and for people to trust it, there needs to be regulation,” as stated in a report by Bloomberg.
The initial target for the company is to accumulate a total of $100 million and even surpass it in digital assets on its first year and eventually create another crypto fund.
This is the second time that a blockchain company was awarded a license by the local Secutities and Futures Commission as Diginex inaugurated the got the first nod from the SFC in October 2018, however, Altano Capital is the first crypto fund in the country.
Expect more companies to venture out in blockchain services in Asia for the coming years, in an effort to make cryptocurrency a viable option for their daily transactions.