Hong Kong, April 22, 2021 /AlexaBlockchain/ – Huobi Asset Management, a subsidiary of Hong Kong-listed Huobi Tech, has launched four crypto or virtual asset funds. Huobi Asset Management said the four funds have received $50 million in commitments and aim to reach $100 million by the third quarter of 2021.
Huobi Asset Management Virtual Asset Funds
Huobi Asset Management has launched passive bitcoin and ether funds for institutional investors. There are four types of funds, namely tracker fund, passive fund, active multi-strategy fund and private equity fund. The four funds are open only to professional or accredited investors, such as high net worth individuals, family offices, asset managers and companies.
These funds provide traditional asset managers with new ways to invest in bitcoin, ethereum and the booming crypto mining businesses.
Huobi Tech is the latest to attract asset allocators from the traditional financial services industry in Hong Kong. In September 2019, the city’s financial watchdog, the Securities and Futures Commission (SFC), put forward a clear regulatory framework for crypto assets and started doling out virtual asset licenses to crypto trading platforms, custodians and crypto fund managers.
Huobi Asset Management last month obtained SFC’s approval to manage and distribute 100% virtual asset funds.