Crypto finance company Zichain has launched two cryptocurrency index funds as the first part of a pipeline of products to simplify investment in digital assets.
The Blue Coin Index Fund (BCIF), which is focused on major cryptocurrencies, as well as the Second Tier Index Fund (STIF) are currently only available to a limited group of investors, but the group has plans to sell to a broader market before the end of the third quarter of 2018.
The two funds cover over 20 top cryptocurrencies between them and have all the features of traditional funds such as the use of real-time market data, performance calculations to track investments and advanced financial reporting, as well as new features including clustered storage with multiple signatures to guarantee asset safety and automated rebalancing and smart execution systems.
The index funds form part of a four-segment ‘ecosystem’ that makes up the company’s offering. Aside from the index funds the group also offers Zichange, an exchange platform allowing people to purchase digital currency for cash; a blockchain asset management platform (BAMP) which allows users to start and manage cryptocurrency investment funds; and CryptoEYE, a news and market data provider for the cryptocurrency marketplace.
It also seems that getting in on the ground floor of the expanding cryptocurrency and blockchain market is paying off for the company, who has postponed its initial coin offering (ICO) due to high demand from institutional investors which saw it surpass its soft cap target of US$3mln in a token pre-sale.
The group said on 29 June that it would suspend the ICO until 16 September after closing its first-round books on 21 June while it undertook due diligence processes of orders, adding that it had received 650 token orders for a total amount of US$5mln as well as more than US$3mln extra following meetings with private investors.
Currently based in Switzerland, Estonia, Russia, and Armenia, Zichain is targeting the financial hub of London as well as the expanding cryptocurrency market in Asia as it presses ahead with developments.