Gradually, products that are made for large institutional investors are appearing. It remains to be seen whether these will have an impact on the crypto market. However, it shows that the market is slowly developing.
France’s first Bitcoin fund is launched
Napoleon Asset Management’s first Bitcoin fund was launched in France. This is regulated by the Autorité des Marchés Financiers (AMF), which is an independent public body responsible for securing investments in financial instruments. As reported by LesEchos, the fund itself will only be accessible to institutional investors.
Napoleon Asset Management’s launched Bitcoin fund is the first 100% cryptocurrency fund available to institutional investors in France. As LesEchos’ report continues, Napoleon Asset Management has obtained approval before its competitors, making it the first French company to offer a regulated financial product based on cryptocurrencies.
The fund, like the Bitcoin futures of the Chicago Mercantile Exchange (CME), will be settled directly against Fiat, as it is a solution preferred by institutional investors. At least EUR 100,000 is required to participate in the fund.
Although a French company launched a cryptocurrency product back in 2017, Napoleon is the first regulated product.
Thanks to the Loi Pacte bill, France has created an environment that is very conducive to cryptocurrencies and the blockchain industry.
The law also includes the ability to hold crypto assets for professional mutual funds as well. This enables Napoleon to provide a fund that is, however, reserved for institutional investors only.
This news shows once again that the further development of traditional financial products based on cryptocurrencies is ongoing. Institutional investors remain cautious, but you can still see that the market is evolving as well.