Malta approves Iconic Funds to launch new top-20 crypto asset index vehicle

The fund to launch will be a Maltese Professional Investment Fund (PIF), expected to open for qualified investors in Q3, 2019, it is an open-ended fund capped at €100 million AUM.

Iconic Holding, a crypto asset investment company, announced today that their joint venture crypto index brand, Iconic Funds, was in-principle approved by the Malta Financial Services Authority (MFSA) for the launch of a new fund.

The fund intends to invest in the top-20 crypto assets by market capitalization, offering a passive and diversified exposure to the growth of the crypto-asset market through an indexation strategy.

The Professional Investor Fund (PIF), administered by Fexserv Fund Services, uses only licensed third-party service providers for crypto-asset custody, trade execution, audit and more, all enabled through Iconic’s AMaaS platform.

The fund seeks to track the BITA-20XA Index, published by the digital index provider, Bita Data, and rebalance on a monthly basis to limit transaction costs. The index excludes anonymous and other potential non-compliant crypto assets to provide the highest level of investor protection.

“This is a big step not only for Iconic and our burgeoning community, but for the crypto markets as a whole. Institutional investors are seeking avenues to invest in crypto assets, but do not yet have structured and regulated investment products to do so, relegating them to the sidelines. Our investment products offer such investors compliant and familiar means to gain exposure to crypto-assets so they may participate in the world’s fastest-growing asset class alongside our community.”
– Patrick Lowry, CEO of Iconic Holding and Managing Partner of Iconic Funds

After exploring many jurisdictions to domicile the fund, Iconic settled on Malta due to the robust and clear regulatory framework related to crypto-assets. The PIF itself, a structure unique to Malta and an open-ended fund, provides enhanced liquidity for investors relative to other similar, closed-end products.

“Malta has been at the forefront of financial innovation for the past couple of years and it augurs well to have the Fund set-up and licensed in Malta. It is exciting to participate in the crypto asset revolution and to offer institutional-grade investment products to expedite the adoption of crypto as a genuine asset class across the board.”
– Dr. Deborah Chappell, Director of the Fund

Iconic Funds’ intends to continually add new crypto investments products to its portfolio and will soon launch exchange-traded crypto products, such as ETNs and ETFs, beginning in Q4.

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