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The Monetary Authority of Singapore (MAS), Fintonia Group has launched the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund.
The physical fund aims to provide professional investors with "quick, safe, and cost-efficient" access to Bitcoin while removing the challenge of buying from one of the thousands of exchanges and keeping the Bitcoin secure, announced on Thurday
The Fintonia Bitcoin Physical Fund targets institutional investors seeking direct exposure to Bticoin, allowing them to buy, store and sell large amounts of the cryptocurrency. "The fund acquires physical Bitcoin, meaning we will buy the actual Bitcoin rather than a derivative instrument on Bitcoin," Fintonia founder and chairman Adrian Chng reportedly said.
"As an MAS regulated fund manger with strict standards, we can connect with mutiple exchanges and different market-makers, enabling us to find the best prices, as well as buy or sell at volume." Chng said.
"The fund also enables efficient cash or crypto transfers, resolving the challenges around moving large amounts of cash in or out of the system."
To address investors' security and hacking concerns, the Bitcoin assets in the fund will be secured with a licenced and insured custodian with expertise in cryoto/digital assets security and technology.
Meanwhile, Fintonia Secured Yield Fund, intends to make direct crypto loans to holders of Bitcoins according to Yahoo news.
In the long term, Chng believes a clear and strong regulatory framework in Singapore will likely lead to even more positive developments for the cryptocurrency ecosytem in the county, while funds and investment products will also open the doors for more professional investors to invest in Bitcoin safely and effectively.
Fintonia Grup is a regulated financial service firm founded in 2014 with a focus on fintech. Chng says that Fintonia has been involved in cryptocurrency since the early days and now specifically focuses on crypotcurrency, as it "has evolved into a separate asset class."
The news further reaffirms Singapore's commitment to becoming a central global cryptocurrency hub as local regulators have issued multiple licenses to legalise crypto trading in the country. According to MAS managing director Ravi Menon, Singapore is developing "very strong regulation" to strengthen its position as the world's crypto center.
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