Tuesday, October 3, 2017

Former Google and Facebook employees start crypto investment firm

Former Facebook product manager Hunter Horsley and Google veteran Hong Kim have started an index fund for cryptocurrencies.

The startup is called Bitwise Asset Management, and its first product is the Hold10 Private Index Fund.

The fund holds the top 10 cryptocurrencies by network value and is weighted according to market capitalisation, functioning similarly to the S&P 500 index fund.

Speaking to CoinDesk, Horsley said the platform allows investors to access the cryptocurrency market and invest in the biggest coins.

The Hold10 Private Index Fund charges 2% on an annualised basis, but does not charge fees on profits.

Horsley said they store cryptocurrencies offline in cold storage, bringing wallets online only to rebalance the fund or process transactions.

Bitwise Asset Management is backed by AngelList founder Naval Ravikant.

Now read: How much South Africans have invested in Bitcoin

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