First European Bitcoin mutual fund announced

The French asset management company TOBAM has officially reported the creation of the first Bitcoin mutual fund
22 November 2017   476

The company has established the fund with a view to ensure a vehicle for allowing more regulated investors at the institutional level to gain Bitcoin exposure without the regulatory concerns. However, the fund will not be available to retail investors.

Direct investment in Bitcoin can be operationally challenging, from dealing with the choice of the platform, to maintaining the proper security measures in terms of custody and to managing the changes made to the protocol.

 

Christophe Roehri

Head of business development, TOBAM

Despite skepticism about bitcoin, the widespread adoption of Bitcoin at the institutional level has kept on. The announcement of the Chicago Mercantile Exchange (CME) for the provision of Bitcoin futures, as well as other firms, has encouraged the cryptocurrency to new highs.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   124

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.