A Jersey based investment management firm has received approval to launch the fund, which indicates a significant step in the adoption of bitcoin and paves the way for other crypto/digital currency funds.
The Global Advisors Bitcoin Investment Fund (GABI) will be operational from August 1st. Although the fund will not be open to investment from the general public, it will mean that pension and insurance firms can invest in the bitcoin fund.
Global Advisors, a professional asset management firm, hopes the fund will open a gateway for firms to participate in the digital currency space. Watch this video to learn more about the fund and its adoption on Jersey.
The fund is in line with Jersey’s campaign to become a world leader in digital currencies, a campaign backed and supported by bit.coin.je, an industry body set up to encourage the use of bitcoin and make Jersey a #bitcoinisle.
Although many in the financial services sector still have reservations about the use of digital currencies, and regulation around the exchange of digital for fiat currencies, others see the benefits and potential advantages of adopting bitcoin and are in a position to act.
Jersey is the largest of the Channel Islands, a British Crown Dependency in the English Channel. Although Jersey is in the heart of Europe, it is unregulated by Europe and has its own legal and regulatory framework.
This fund will be worth following Global Advisors @ for the latest updates leading to the launch.