Morgan Creek Turns to Cryptocurrencies With a Crypto Hedge Fund
The market has a wide variety of cryptocurrency hedge funds. And during the last years, the number of funds has grown exponentially. That clearly shows that cryptocurrencies can no longer be ignored. This is why Morgan Creek is trying to launch the Digital Asset Index Fund.
Morgan Creek Launches Digital Asset Index Fund
Morgan Creek aims to enter the virtual currency market. That shows that there is a legitimization of the market from traditional financial institutions. To develop this fund, Morgan Creek will work with Bitwise Asset Management.
Despite the bear market, there is an important interest in Bitcoin and other virtual currencies. And we can mention Mark Yusko, Morgan Creek’s CIO, an important Bitcoin bull.
The main intention is to expand its presence in the market by exploring new services and products.
The venture is being developed with Bitwise Asset Management. The companies will allow institutional investors access to a wide range of cryptocurrencies. The minimum investment will be $50,000 dollars. Moreover, the product developed by Morgan Creek will track Bitcoin’s price as well as other virtual currencies.
This news follows along with the decision by Yahoo Finance to add support for Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). In this way, virtual currencies are closer to investors and other individuals. In the future, new hedge funds will start to operate and new platforms will appear.
Many are seeing new opportunities opened by the Intercontinental Exchange (ICE) Bakkt launch. This is a cryptocurrency trading platform that is going to be regulated by the United States.