Bixin Global, a Hong Kong-based cryptocurrency firm, has launched a fund of funds (FOF) financed with 6,600 Bitcoin (BTC), worth over $66 million. On May 8 Bixin announced that it launched the fund to invest in cryptocurrency funds globally.
The FOF is BTC-denominated and its main goal is to increase its Bitcoin holdings.
Bixin is dedicating 6600 bitcoin, worth $66 million, to a new fund of funds. Let’s all work together for a better #Bitcoin ecosystem! Follow & Like & RT, 3 of you will each get 6 USDS free giveaway on May 13! https://t.co/4gOBQcDDe7 — BixinWallet (@BixinWallet) May 8, 2020
The strategies of the funds that Bixin intends to invest in will be quant-based and can utilize arbitrage or trend analysis. Bixin also hopes to develop partnerships with other firms on mining management, cloud mining and funding of mining operations in general.
Bixin was founded in 2009, it provides financial services for cryptocurrency firms such as lending, exchanging and escrow.
Bixin’s mining facilitates reportedly use about 300 megawatt-hours of electricity and generates around 3,000 petahashes of computing power, which is equivalent to roughly 2.5% of the network’s total hashrate.