Hauck & Aufhäuser, one of Germany’s elite and oldest private banks, is joining hands with a fast emerging fintech company, Kapilendo, in creating an investment fund primarily for crypto assets (Bitcoin Stellar, Ethereum).
In a report credited to a German-based media firm, Fundview, the German bank plans to operate the crypto fund under its assets arm, known as Hauck & Aufhäuser Innovative Capital from early next year. The Crypto fund will majorly involve three crypto-assets, namely Stellar (XLM), Bitcoin (BTC), and Ethereum (ETH).
What they are saying
The bank highlighted the objectivity of creating such crypto fund, “We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors. With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class, while meeting the established quality standards and high demands of Hauck & Aufhäuser,” says Holger Sepp, member of Board of Hauck & Aufhäuser.
Jens Siebert, Chief Solution Officer of Kapilendo AG, adds: “The new HAIC Digital Asset Fund I is an exciting tech investment and designed as a portfolio addition for institutional investors. Kapilendo takes over the custody of the crypto assets for the HAIC Digital Asset Fund I. In its function as a crypto depository, Kapilendo Crypto AG is tied into all relevant interfaces of the asset servicing and technically & seamlessly integrated.”
What you should know
- Hauck & Aufhäuser Privatbankiers AG is an 18th-century old private bank based in Germany. The German elite bank focuses on the asset management advisory services of private, corporate clients, as well as institutional investors.
- At the time of writing the flagship crypto, Bitcoin was trading around $19,280, while Ethereum and Stellar traded at $595 and $0. 1708 respectively.
Bitcoin surges past $51,500
Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion and is up 4.83% for the day.
The flagship crypto-asset, Bitcoin surged past a one-week high as risk appetite in markets gained momentum despite growing concerns facing the crypto industry.
At the time of writing this report, Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion. Bitcoin is up 4.83% for the day.
The world’s most popular crypto asset had been under pressure, particularly on Tuesday when Gary Gensler, nominee for chairman of the U.S. SEC disclosed that protecting investors against the crypto market’s manipulation and illicit activity is a challenge for the agency.
Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them; Anthony Scaramucci’s Skybridge Capital, Mass Mutual, and Guggenheim (up to 10% of its $5 billion macro funds).
Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto rallied to an all-time high today, as it broke above the $51,000 level.
Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.
Google adds Bitcoin, Ethereum, Litecoin on its finance platform
Google has added selected cryptos to its finance platform.
Google, the world’s most powerful and valuable search engine, recently added selected cryptos to its finance platform.
Alongside leading financial markets, particularly in emerged markets, the trillion-dollar company added a “Crypto” section thereby giving Bitcoin, Ethereum, Litecoin, Bitcoin Cash more limelight.
This comes as no surprise to many market watchers, as the leading tech brand incorporating cryptos on its finance page follows a long wave in mainstream approval over the past months.
There is no doubt, 2021 continues to shape up as a very exciting year for crypto assets relatively.
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin.
Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.
Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
Recall some months ago, as the fastest ever-changing financial asset continued to gain traction, renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.
“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”
“It would be recalled that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 2017, after initially reaching $1,000, it added a zero.
“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”
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