The head strategist of Fidelity Investments is leading a new cryptocurrency fund.
"Wise Origin Bitcoin Index Fund I, LP” has a buy-in of at least $100,000, according to a filing with the U.S. Securities and Exchange Commission (SEC). The general partner of Wise Origin is FD Funds GP and Fidelity’s Head of Strategy and Planning Peter Jubber is the president of FD Funds, per the filing.
Bloomberg reported that a Fidelity representative did not comment on the filing. However, the company said in an email that it “has made a long-term commitment to the future of blockchain technology and to making digitally-native assets, such as Bitcoin, more accessible to investors.”
Few mainstream companies have entered the crypto space, but Bloomberg reported that indications exist that interest in crypto offerings may be on the uptick.
The news of the fund surfaces as bitcoin has regained a large portion of its losses after plunging in March in the middle of a selloff brought about by COVID-19.
The new technology is reportedly only geared toward business customers in its current phase of build out, and the technology aims to reduce settlement time to only 20 seconds from as long as 10 days.
The new technology is reportedly scheduled for a September launch, the outlet noted, citing local media. It reportedly harnesses a unique blockchain technology that enables firms to make smart contracts in addition to blockchain apps.
The Canadian digital currency exchange reportedly received the insurance through Aon for cold wallets as part of its efforts to keep the funds of clients secure. It also tapped CipherBlade, a blockchain forensics company, to hold a complete audit of security procedures and reserves, according to the report
At first, the exchange had provided a bitcoin debit card, which has since been reportedly discontinued. The company moved toward purchasing and selling in 2018 and has reportedly exceeded the 100,000-user mark. As it stands, the exchange is only available in Canada as of now, CoinDesk reported.