Are you a cautious investor looking for a way to add exposure to a variety of cryptocurrencies into your portfolio without the trouble and risks of opening multiple crypto wallets? Good news then – an index fund for just this purpose is reportedly on the way to hit the market within a few weeks’ time.
Tramonex is a London-based fintech startup which has received a £250,000 grant from the UK government’s Technology Strategy Board (Innovate UK) in April this year. The firms was said to be developing a cross currency payments system that leverages blockchain technology expected to dramatically reduce FX transaction costs and the amount of time necessary to complete global transfers.
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Now the team behind Tramonex has reportedly created a new venture, DLT Financial, which will launch the first ever fund to track an index of cryptocurrencies. The index will follow ten assets including Bitcoin, Ethereum and Ripple. For security DLT Financial DLT will use cold storage for its holdings and promises investors that it will bear the risks of hacker attacks.
Dave Askey, co-founder of DLT Financial and the chief technology officer of Tramonex, told the Reuters news agency: “We’re really looking to bridge the gap between the existing blockchain world of tech and the more traditional institutional investment community. Currently it’s really very hard to invest in these assets as a pretty deep technical knowledge is needed to buy and manage them. We want to bring (them) to the wider community.”