After the approval of some Bitcoin futures ETFs in the USA, applications for Bitcoin ETFs and funds began to be made in other countries.
The Monetary Authority of Singapore (MAS) has given the green light to two institutional-grade Bitcoin funds issued by Singapore-based asset manager Fintonia.
Physical Bitcoin funds named “Fintonia Bitcoin Physical Fund” and “Fintonia Secured Getird Fund” approved by MAS aim to offer long-term risk to institutional investors in the country.
The new Bitcoin funds aim to provide “fast, secure and low-cost” access to Bitcoin by reducing the complexity of investors buying Bitcoin from various exchanges.
Bitcoin funds will allow institutional investors who want to transact directly with Bitcoin to buy, sell and store large amounts of Bitcoin and cryptocurrencies.
Adrian Chng, founder and chairman of Fintonia Group, said about the approved Bitcoin funds:
“As a manager whose funding has been approved by MAS with strict standards, I can say the following. Funds receive physical, i.e. real Bitcoin. You can connect with multiple exchanges and different market makers, find the best prices, buy and sell.
The funds also enable efficient cash or crypto transfers and solve the difficulties associated with the flow of large amounts of cash into and out of the system.”
Fintonia president Chng also stated that they expect these Bitcoin funds to reach triple digits within a year.
Stating that the investments in the fund are insured against theft and hacking, Chairman Chng stated that the funds allow customers to store their crypto money in cold wallets.