Jersey’s Private Fund Regime is hosting what is thought to be the world’s first regulated investment fund to be denominated in crypto-currencies.
CoinShares Fund I is a self-managed fund managed by Global Advisors (Jersey), a Jersey-based investment manager that created the first listed bitcoin fund in December 2016.
The fund was launched recently and will receive investment exclusively in ether, a crypto-currency used as payment on the Ethereum blockchain platform.
The fund will trade crypto-currencies and participate in selected ‘initial coin offerings’, which are a means of capital raising used by entrepreneurs in the crypto-currency arena.
Jersey’s recently launched Private Fund Regime is designed for funds operating with a small number of sophisticated investors.
JTC, a fund administration firm, is to provide administration and other services including accounting and investor reporting.
William Byrne, group general counsel at JTC, said: “Crypto-denominated funds are an exciting new alternative asset class. We are particularly pleased to be providing our new crypto portfolio valuation system, which operates via multiple exchanges, taking live pricing and providing the ability to trade on a T+0 basis.”
Offshore law firm, Carey Olsen supported by New York-based Chadbourne & Parke, provided legal advice in establishing the fund.
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