The newly established asset management arm of Iconiq Holding, Iconiq Funds, announced on Friday that it is launching a series of asset index funds. The passively-managed funds will be launched at the beginning of the fourth quarter of 2018.
The funds will track the top digital assets by market capitalization. The first one to be launched by the firm will be a Maltese Professional Investor Fund, otherwise known as a PIF, following regulatory approval from the Malta Financial Services Authority (MFSA).
Once this has been approved, Iconiq Funds will then launch Crypto Index Exchange Traded Funds and Notes next year. This will take longer to be approved from regulators, as these type of assets, while common in the traditional asset management space, are almost unheard of in the crypto industry.
Commending on the future launch of the index funds, Iconiq Holding Managing Partner, Maximilian Lautenschläger, said: “Iconiq Holding’s aim is to make ICOs and crypto investments accessible to institutional investors, family offices and retail investors. Only through such regulated vehicles can we open the doors for the trillions of capital from institutional markets to enter crypto.”
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Iconiq adds new features to its ICNQ token
The ICNQ token, which was launched by Iconiq Lab, an Initial Coin Offering (“ICO“) seed funding wallet and accelerator is also getting an upgrade. Now, the token can also be used as a voucher instrument for payments in the asset management ecosystem. This is similar to Binance’s BNB token.
Previously, the token was only used as a membership to the VC Club. The token would grant holders exclusive access to pre-sales of companies that had graduated from the accelerator program of Iconiq Lab.
The CEO OF Iconiq Holding, Patrick Lowry, added: “We have successfully positioned the ICNQ token as the token for digital asset management. ICNQ tokens can now be redeemed in our ecosystem for products and services provided by Iconiq Holding companies, including by our digital asset index funds to pay asset management fees to the fund manager, Iconiq Funds. We are excited to add this new value-driver to the ICNQ economy, with many more to come for the benefit of our community.”
A public token sale for ICNQ tokens will take place on the Gibraltar Blockchain Exchange Grid in October this year. During the sale, the firm will sell up to 10 million remaining tokens.