Last updated on December 31st, 2019 at 07:01 am
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Cryptocurrency Investment Platform, Bitfund launches In Johannesburg, South Africa.
Bitfund Co-founder Josh Miltz said:
“In South Africa, the only safe and easy way to get investment exposure into cryptocurrencies is through buying bitcoin and ethereum and these are currently only available through a single exchange. Most potential investors lack the technical knowledge and confidence to manually purchase the lesser known cryptocurrencies on international exchanges, but BitFund makes it possible for them to do so.”
Josh Miltz claimed that hundreds of investors have signed up on the platform a day after the platform was launched on July 10.
Bitfund has 3 pre-specified portfolios that include the balanced ten, the equal ten, and the capped 20. With a minimum deposit of 1000 Rand. The aim is to solve the complexity of cryptocurrency investment.The balanced ten holds the top ten cryptocurrencies weighted by their market capitalisation while the equal ten holds the top ten cryptocurrencies weighting ten percent each equally. The capped 20 holds the top 20 cryptocurrencies weighted by their market caps with a maximum of 15 percent for each currency. In the portfolio is an option to customize it for advanced investors willing to.
“We provide relevant reporting to ensure auditability and transparency into portfolio holdings and rebalancing at a transactional level,”
said co-founder Ferrer.
BitFund style of management of the portfolio funds is centralized. In that the portfolios are stored in digital hardware wallets. Bitfund charges an annual management fee of 2.4 percent. With an exit fee of 1 percent.
“The company has an experienced team of financial, legal and technology experts who ensure that both the platform and its investors comply with local and international tax and regulatory frameworks”
According to Joshua Miltz, Bitfund is yet to register with the Financial Services Board (FSB) owing to the fact that cryptocurrencies have not been defined as financial products. Moreso, compliance with the Collective Investment Schemes Control Act is yet to be a requirement because investors hold the portfolios and only use the platform to run them. Joshua Miltz promises that Bitfund will comply with any law requirement whenever it sets in place.
Bitfund was Founded by Jonathon Ferrer, Bradley Goldman, Joshua Miltz, and Dean Joffe. Bitfund is based in Johannesburg, South Africa. BitFund provides investors with a user friendly single point entry to set up a portfolio. Bitfund has features like Secure Storage, Exchange Vetting, Diversification of Cryptocurrencies available, Rebalancing, Portfolio Customization, Transaction Management, Reporting And Compliance and Low Fees.