Private market exchange ADDX has launched its first cryptocurrency product, with the listing of a digital asset fund by investment manager Trovio Capital Management (TCM). The fund aims to provide accredited investors with a reliable option for crypto investing and has put in place institutional-grade safeguards in relation to the trade execution and custody of the fund’s underlying digital assets.
The TCM Digital Asset Fund takes a diversified approach to crypto investing. On top of core positions in Bitcoin and Ethereum, the fund invests in a set of seven other top-performing cryptocurrencies that are identified and reviewed regularly through a proprietary method of quantitative analysis. The fund recorded a net return of 215% in 2020 and 205% in the first ten months of 2021.
Relying on an institutional-quality infrastructure, the fund has an independent administrator, auditor and custodian. It is among the first digital asset funds to be audited by KPMG. Custody and trading services are provided by the Nasdaq-listed Coinbase. Investors on the ADDX platform can subscribe to or redeem units each month with the fund manager. The fund’s minimum investment size is US$10,000.
Founded in 2017, the Australia-based Trovio Group is led by veteran bankers Jon Deane and Bob Tucker. Trovio CEO Jon Deane has more than 15 years of experience managing large complex risk positions for investment banks, including JP Morgan and UBS AG. He was Managing Director and Head of Asia Commodities Trading at JP Morgan from 2014 to 2018.
Mr Deane said: “It has been a fantastic experience bringing our flagship fund to ADDX’s MAS-regulated platform. We are continuing to witness significantly wider adoption and appreciation of digital assets as a standalone asset class in a diversified portfolio. ADDX’s platform is enabling investors to seamlessly access these asset classes, whilst reducing friction often experienced via traditional channels. We look forward to working with the ADDX team on launching our other products over the coming months.”
Oi Yee Choo, Chief Commercial Officer of ADDX, said: “Cryptocurrencies are very likely the digital gold of our age. There is robust demand among investors for exposure to these digital assets. The traditional world of finance tried to keep a cautious distance initially. But today, major financial institutions either have a crypto offering or are seriously considering one.
“We believe the time for discussing whether cryptocurrencies have a place in an investment portfolio is all but over. The more relevant question now is around how one should manage the risk of crypto investments, from an asset custody as well as a price volatility standpoint. Professionally managed crypto funds with a good track record can potentially address these risk concerns for investors.”
Ms Choo added: “ADDX is pleased to work with Trovio on this first crypto offering to investors on our platform. The team led by Jon Deane has deep expertise in both traditional finance and the crypto space, and this is reflected in their rigorous approach to conceptualising and bringing to market this institutional-grade fund. As Singapore establishes itself as an important global hub for regulated crypto activity, ADDX seeks to make a positive contribution to the crypto landscape of the city, by adding to the rich diversity of high-quality offerings available to investors.”
ADDX, previously known as iSTOX, is a full-service capital markets platform with Monetary Authority of Singapore (MAS) licenses for the issuance, custody, and secondary trading of digital securities. Launched in 2017, the financial technology company raised US$50 million in its Series A round in January 2021. Its shareholders include Singapore Exchange (SGX), Temasek subsidiary Heliconia Capital and Japanese investors JIC Venture Growth Investments (JIC-VGI) and the Development Bank of Japan (DBJ). Individual accredited investors using the ADDX platform today come from 27 countries, spanning Asia Pacific, Europe, and the Americas (excluding the US).
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