Tokyo-based provider of financial information Fisco creates Japan’s first crypto hedge Fund. The initial investment will be 300 million yen ($2.66 million) who plan to spend on buying bitcoins and other cryptocurrencies.
Fisco is a research and information holding, which is engaged in foreign exchanges, bonds and commodities in Japan and abroad.
The Fund is created until the end of January. According to the report Nikkei, the total investment will be 300 million yen, including own funds Fisco and investments in two publicly named FINTECH companies.
The collected amount will be invested in the cryptocurrency, the company intends to use the difference in price on foreign and local markets. It is also planned the creation of cryptocurrency derivatives and other services related to cryptocurrency. At this stage the company expects at least 20% profit annually.
To show interest in cryptocurrency in the company Fisco began a long time ago. In August 2017 cryptocurrency division of the company was sold to another company holding the debt of 200 BTC (about 813 000 dollars at the time) for a period of three years. The purpose of this transaction was to examine the potential bilinovich bonds as a tool of fundraising.
In addition to the Fisco, in Japan there are a number of other financial institutions who see the potential of bitcoin as a financial instrument. The largest financial institution of Japan, the banking group MUFG (Mitsubishi UFJ Financial Group) plans to launch the service for the protection of Vladislavlev from the risks related to the activities of cryptocurrency exchanges.