Hauck & Aufhäuser, Germany’s oldest private bank announced that it has partnered with a Berlin-based fintech firm Kapilendo to launch its first-ever cryptocurrency fund in January next year. The fund aims to target semi-institutional and institutional investors to invest in Bitcoin (BTC) and other cryptocurrencies.
Called ‘HAIC Digital Asset Fund I’, the upcoming Germany’s bank cryptocurrency fund will charge about 2% fee on the total volume. According to a report published on Fundview, the minimum amount for subscription is 200,000 euros and the portfolio is going to cover around 85% of the total cryptocurrency asset market.
The bank also stated the investment strategy, which is going to be based on the allocation of funds depending upon the market cap of cryptocurrencies along with some qualitative and quantitative tools. There is not any limit on the subscription period of the fund.
Commenting on the announcement, Holger Sepp, Member of the Board of Hauck & Aufhäuser, said: “We see that digital assets and cryptocurrencies are becoming increasingly attractive to institutional investors. With the launch of our first crypto fund, we have created together with Kapilendo an innovative investment vehicle that enables our customers a cost-effective and secure access to the new asset class Krypto, while complying with the established quality standards and high standards of Hauck & Aufhäuser.”
German Crypto Market
The latest announcement by Hauck & Aufhäuser is another step towards the mainstream cryptocurrency adoption in Germany. German Finance minister urged ECB to take decisive measures for the launch of the digital euro. Despite some regulatory difficulties in the adoption of crypto assets in that country, many startups emerged to lead to the digital transformation of the German economy. The Frankfurt-based bank partnered with financial services firm Kapilendo to develop its investment services with the inclusion of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and other digital assets.
Finance Magnates earlier reported that Germany’s regulatory authority BaFin made it necessary for crypto ATM providers to obtain a license.