The investment advisory firm, Morgan Creek Capital Management, announced the launch of a cryptocurrency fund, in partnership with Bitwise Asset Management, that would include ten crypto coins, including Bitcoin (BTC) and Ethereum (ETH).
This information was disseminated through a press release published on August 28th on the official Bitwise website. The new fund is named the Morgan Creek Digital Asset Index Fund and is designed to provide access to crypto investments to institutional investors.
The new fund will be managed by Bitwise Asset Management, a company founded in 2017 that already has experience in working with cryptocurrencies. It will include in its offer ten cryptos, namely, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Litecoin (LTC), Monero (XMR), EOS (EOS), ZCash (ZEC), and OmiseGo (OMG).
The new Morgan Creek Digital Asset Index Fund dedicated to institutional investors would focus on transparency
Hunter Horsley, the co-founder of Bitwise, explained that the two main considerations that justified the committee’s decision to limit pre-mined crypto are its concerns regarding possible fraud and cryptocurrency regulations. He also added that the new Digital Asset Index Fund is dedicated to businesses and will welcome “accredited institutional investors and approved investors.”
The firm also ensured that the equity value of the ten cryptocurrencies accepted will be transparent and that investors will access the digital portfolio at any time through the organization’s portal where they can also research the team that manages the fund. Also, the cryptocurrency fund will be supervised by Bitwise’s auditor company, which will work together with an advisory committee made up of experts from the partner companies. The results will be published annually starting at the beginning of 2019.
Last July, Bitwise Asset Management also applied with the US Securities and Exchange Commission (SEC) to register the Hold 10 Index, an ETF where it plans to list ten cryptocurrencies.