Australia opens up Index-like Crypto Fund, 2nd swiss banks opens to crypto

Australia’s Coinjar has opened up two index-like cryptocurrency funds to high net worth investors. To qualify, you must have a net worth of over $2.5 million Australian Dollars or have an annual income of over $250,000, so it is not for the majority of people. There are two products, one that only has Bitcoin and one that has a mix of Bitcoin, Ethereum, Litecoin, and Ripple. Management fees range from 1.3% to 1.8%. I personally don’t get the Bitcoin only asset as I can just buy Bitcoin off of GDax or Binance without the high fees involved but if you truly want a hands-off approach, this may be the thing for you. Hopefully, this will get funds in other countries to jump into the game and offer index funds and ETF funds.
In other news, a second Swiss Bank, Maerki Baumann, has decided to open its doors to working with cryptocurrency companies, helping out in one of the weakest spots for cryptocurrency, the area of liquidity. While the bank does not offer any crypto investment products yet, it is looking into the development of that sector. This was done to try to stem the move away from Switzerland of cryptocurrency companies to more friendly places like Malta but more banks willing to work with Crypto is a great thing for the industry and does fill a need.

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