One of the Oldest German Bank to Start Cryptocurrency Fund in Early 2021
Hauck & Aufhäuser, one of the oldest traditional banks in Germany, boarded the cryptocurrency adoption train with the crypto funds that will be launched in early 2021.
As per Fundview, Hauck & Aufhäuser will release a crypto fund in January 2021 through its Hauck & Aufhäuser Innovative Capital (HAIC) GmbH subsidiary. Called the HAIC Digital Asset Fund I, although the product will initially focus on Bitcoin (BTC) and Ether (ETH), and Stellar (XLM), respectively.
Following up their release initiative, HAIC further partner with Berlin-based digital banking platform Fintech Kapilendo to provide a crypto investment solution. Some reports suggest that the crypto fund is open to institutional and semi-institutional investors at first.
Initially, the fund’s minimum investment is set at €200,000 ($ 242,500), with a fee of 2.05%. Holger Sepp, a member of the Hauck & Aufhäuser board, commented on the decision that,
We have seen that digital assets and cryptocurrencies are increasingly becoming a widespread attraction to institutional investors.
Further continuing, he said:
With our first crypto-fund launch, we have teamed up with Kapilando to create an innovative investment vehicle that provides our customers with low-cost and secure access to the novel crypto asset class.
At the launch time, HAIC Crypto Fund marks the culmination of the Bank Crypto Acceptance Policy in 2020.
In September, when Hauck & Aufhäuser acquired the Baffin Capital Management Company (KVG) license for its HAIC digital asset investment subsidiary, board chairman Michael Bentlage noted a growing appetite for cryptocurrency investments in the firm.
Founded in 1796, Hauck & Aufhäuser’s cryptocurrency represents a growing cryptocurrency investment scene in Germany. Back in August, BeanCrypto highlighted that the country was quietly settling into a global superpower in a developing industry.
Surprisingly the emerging crypto boom has led to a flurry of favorable terms over the past year.
Back in November 2019, German regulators lifted previous legal bans on banks providing cryptocurrency-related services. True, without this decision, Hauck & Aufhäuser’s crypto fund would be impossible.
In August 2020, the German Ministry of Finance also introduced a draft law on tokenized blockchain securities. This action has been followed since March when classifying cryptocurrencies as a financial instrument.
Also Read: Bitcoin Indices Will be Listed on S&P Dow Jones in 2021
