RATE Group | IDEG, Coinbase Custody Launch Bitcoin Trusts in Apparent First for Asia
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IDEG, Coinbase Custody Launch Bitcoin Trusts in Apparent First for Asia

10 Dec IDEG, Coinbase Custody Launch Bitcoin Trusts in Apparent First for Asia

Posted at 17:38h in Bitcoin News by

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Digital asset manager IDEG is launching what it claims are Asia’s first Bitcoin (BTC) trusts.

The two new funds — Asia Bitcoin Trust I and Atlas Mining Trust I —  were officially announced in a press release on Dec. 8, confirming an earlier disclosure from the firm in Hong Kong in late November. 

Coinbase Custody will act as custodian for both trusts, with Asia-based Profound Trust Company acting as trustee. The combined size of the two trusts is $200 million.

 

Bringing old money to a new sector

The first of the two funds, Asia Bitcoin Trust I, is an actively managed investment vehicle and as such, is being pitched by the firm as a contrast to Grayscale’s flagship Bitcoin Trust , which has seen consistent year-on-year appreciation, outstripping many traditional investments.

Whereas Grayscale’s trust is passively managed, IDEG is setting its approach apart from that of  its predecessor, as the firm’s CEO Kevin Yang states:

“As the…

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