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Southeast Asia Gets its First Bitcoin Fund to Address Growing Institutional Demand

The first bitcoin fund in the Southeast Asian region, the BCMG Genesis Bitcoin Fund, otherwise known as BGBF-1, recently launched to cater to accredited institutional investors.

Bitcoin Fund for Asian Institutional Investors

According to a press release on Monday (Mar. 8, 2021), the new bitcoin fund which aims to cater to institutional demand for cryptocurrency seeks to leverage on the continuous growth of the number one crypto asset. Apart from being the first insured bitcoin fund in Southeast Asia, BGBF-1 would be regulated in Labuan, Malaysia.

The fund uses an Artificial Intelligence (AI) powered blockchain-based platform, which is provided by CGCX.io, an insured cryptocurrency exchange. The crypto exchange’s infrastructure helps to safeguard customers’ assets from hacks and attacks.

Also, Hong Kong-based company Alpha Calibration would provide regulatory compliance services, while HLB Hodgson would be the fund’s auditor. In addition, IBH Investment Bank based in Labuan is the bitcoin fund’s main advisor. 

Meanwhile, as part of efforts to ensure security, accredited investors interested in the fund must undergo Anti-Money Laundering (AML) and Know Your Customer (KYC) screening procedures.

Speaking on the new bitcoin fund, Subbu Vempati, the Fund Manager, said:

“BGBF-I is a secure, insured and regulated platform where investors can get exposure to the Digital Assets industry.  Investors get to benefit from our expertise in the financial, technical and security aspects of Bitcoin investments, as well as enter this class with a peace of mind without any challenges or risk in directly handling the Digital Asset.”

Indeed, institutional interest in bitcoin has been the major cause for the crypto’s upward trajectory. Big wigs such as Tesla, made headlines earlier in 2021 after the company made a $1.5 billion bitcoin investment. Other major firms such as Microstrategy and Square also increased their BTC holdings.

Institutional Interest in Bitcoin Remains Strong

The surge in institutional demand for bitcoin has led to the launch of various bitcoin funds and exchange-traded funds (ETFs). As previously reported Canadian regulators approved the third bitcoin ETF issued by CI Global Asset Management.

The first North American physically-settled bitcoin ETF, the Purpose Bitcoin ETF, was launched in Canada back in February 2021, which garnered over $400 million in assets under management in two days. In the same month, Canada got its second bitcoin ETF dubbed the EBIT ETF.

Also, Canadian firm Ninepoint Partners unveiled a Bitcoin Trust to offer institutional investors exposure to the flagship crypto asset. Grayscale Bitcoin Trust (GBTC), which is the world’s largest bitcoin fund, has total assets under management at $33.2 billion.

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