Cryptocurrency index fund manager Crescent Crypto Asset Management has closed its Series A, alongside the launch of its offshore Cayman fund.
The funding was led by FBG Capital, a digital asset management firm. Through the support of FBG, Crescent hopes to grow assets under management for its passive funds in the US and overseas. FBG will also utilise its network to bring Crescent to international investors and list multi-coin products on traditional financial exchanges.
Capital will also be used to expand its team through the hiring of senior members in its sales and business development teams. Crescent will also build out a digital asset research and advisory platform.
Alongside the raised capital, the company has launched the Offshore Fund, which has a minimum investment of $250,000 and is accepting subscriptions with a management fee of 2 per cent and quarterly redemptions.
Launched in 2017, Crescent is a cryptocurrency index fund which is focused on generating returns through the investment grade crypto ecosystem. Its current vehicle is the Crescent 20 Index Fund, which covers around 90 per cent of the market cap of the crypto space.
Crescent Crypto co-founder Michael Kazley said, “We are excited to partner with FBG Capital in order to grow the business and bring the Crescent 20 to international investors who have shown significant demand.”
Earlier in the year, digital currency wallet Coinbase launched an Index Fund to provide accredited investors with access to blockchain-backed digital assets. The vehicle is initially only available to US-based investors; however, in the future the company plans to launch more vehicles with global reaches.
Copyright © 2018 FinTech Global
