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Reality Shares submitted an application to the SEC for a Bitcoin fund, Morgan Creek venture capital fund attracted investors. Western Union is conducting a technology test from Ripple.
In SEC another application for the creation of a cryptocurrency investment fund was submitted. Now it has come from the Reality Shares Company, which is ready to create a comprehensive financial product. In contrast to the previous Bitcoin funds, here it is supposed to use a combined approach to the formation of the portfolio.
Cryptocurrency will account for about 15% of the total investment of the fund. The remaining funds will be invested in assets denominated in fiat money. SEC has not yet published an application from Reality Shares. According to the law, the Commission will have 240 days to consider the issue. Before the end of this period, it will have to deliver its verdict, or the application will be approved automatically.
For the first time, institutional investors have placed funds in a cryptocurrency fund. This was told in Morgan Creek. Cryptofund invests in startups related to blockchain technology. The total amount of the placement is about $ 40 million, which can also be considered a venture investment. The fact is that both pension funds have a total capital of $ 5.7 billion.
The market has long been hoping for the arrival of institutional investors, and now the expectations have come true. Given that the size of investments seems relatively small, the very fact of placing funds of pension funds in cryptocurrency assets is important.
What factors for crypto investment are related now
Western Union President Odilon Almeida said that thanks to his experience, his company would be ideal for the development of various cryptocurrency services. After that, it became known, that the blockchain-based Ripple Labs solution was actively tested in the system.
It is too early to say that Western Union will upgrade the entire payment system to new technologies. They are quite wary of cryptocurrencies, and prefer fiat money. However, Western Union can no longer ignore the potential of the blockchain. Therefore, it was decided to test the options with the transfer of funds on technology from Ripple.