French boutique Tobam has launched what it claims to be Europe’s first dedicated bitcoin-focused mutual fund.
The group – which is noted for its ‘anti-benchmark ethos' – said the fund will allow qualified and institutional investors to get exposure to the cryptocurrency.
Targeted primarily at the domestic French market, Tobam Bitcoin will adopt a transparent and rigorous investment process to help mitigate the risk of loss and theft.
Tobam said recent developments in blockchain technology had made the cryptocurrency more accessible than ever before. However, it said the company began researching a potential product launch one year ago to ensure adequate infrastructure was in place to successfully launch the fund.
Commenting on the launch, Yves Choueifaty, president of Tobam, said: ‘This first move in the world of cryptocurrencies showcases our dedication to remaining ahead of the curve and to provide our clients with innovative products in the context of efficient markets.
‘Bitcoin being a highly diversifying asset, this launch is also an expression of our commitment to diversification in all its forms. Once again Tobam is ahead of the curve and, in order to remain so, we will continue to reinvest a significant part of our growth into research and innovation for the best interest of our clients.’
Choueifaty added that the existing methods of investing in bitcoin are difficult and complex – something that is being addressed by this fund.