Malaysia-Based BGBF-I Launched, To Become The First Insured Institutional Crypto Product Southeast A
The Malaysia-based BCMG Genesis Bitcoin Fund-I (BGBF-I) has officially launched by claiming to have become the first insured institutional crypto product available in the Southeast Asian region.
It has been reported that the fund launched in response to a growing demand for institutional crypto products in Southeast Asia.
However, the fund leverages an Artificial Intelligence (AI) powered blockchain-based platform provided by Calfin Global Crypto Exchange, which purports to offer increased security for customer holdings.
A new Bitcoin fund has launched to meet increasing institutional demand for crypto in the Southeast Asian region. https://t.co/3GSwFTwMtZ — Cointelegraph (@Cointelegraph) March 9, 2021
BGBF-I is regulated in Labuan, Malaysia, where IBH Investment Bank serves as the fund’s main advisor. Professional financial services provider, Hong Kong-based Alpha Calibration, will provide regulatory compliance services, and be audited by HLB Hodgson. The investment vehicle also offers insurance coverage and underwriting for Public Offering Security Insurance.
Subbu Vempati, the Fund Manager, explained:
“BGBF-I is a secure, insured and regulated platform where investors can get exposure to the Digital Assets industry. Investors get to benefit from our expertise in the financial, technical, and security aspects of Bitcoin investments, as well as enter this class with a peace of mind without any challenges or risk in directly handling the Digital Asset.”
However, the BGBF-I Fund projects a minimum return of 12% per year, while noting that BTC itself has gained 266.5% over the past 12 months.
Thus, all accredited Asian investors must go through mandatory Anti-Money Laundering (AML) and Know Your Customer (KYC) screenings to access the fund.