Luxembourg-based Block Asset Management (BAM) has launched blockchain/cryptocurrency fund of fund, which the company claims is the first of its kind.
Domiciled in Luxembourg, the open-ended fund is now open for investment to qualified investors, the company said.
The fund will offer diversification across selected portfolio of blockchain/cryptocurrency investment funds, which have a combined AUM of more than $500m.
The company noted that it has already received substantial commitments from global asset managers and family offices.
Block Asset Management CEO De Luque Muntaner said: “We knew that many funds existed in the crypto space, but most would clearly not pass any comprehensive, serious due diligence. However, relying on Block Asset Management’s team, we successfully completed months of extensive analysis of dozens of funds and eventually approved the best funds for inclusion in the fund.
“Market research also made it very clear that investors preferred a Luxembourg investment vehicle with independent, third-party service providers: custodian, administrator and auditor. For BAM this was of paramount importance.”