Japanese investment research firm and bitcoin exchange operator Fisco has announced that it will launch a cryptocurrency fund.
Coming after the firm issued a bitcoin bond last year, the new crypto fund will invest more than 300 million yen ($2.66 million) in bitcoin and other digital currencies, according to Nikkei.
The report adds that the fund – which could be launched this month – is being claimed as the first of its kind in Japan.
The venture will look to gain profit from price differentials among local and foreign cryptocurrency exchanges. Fisco said that it will invest its own money in the fund and further raise capital from two fintech firms, aiming for investment returns of approximately 20 percent per year, the report indicates.
The corporate analyst company – which launched a bitcoin exchange in August 2016 and has invested in other exchanges such as TechBureau – issued a three-year test bond in August last year, worth 200 bitcoins at the time.
Masayuki Tashiro, Fisco's chief product officer, told Bloomberg at the time that the issuance could open ways to generate revenue, provided it had government support.
Japanese stocks sign image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at firstname.lastname@example.org.
Cartier Owner Richemont Mulls Plan to Track Diamonds With Blockchain
Richemont, the Swiss luxury goods giant that owns Cartier, is turning to blockchain in a move aimed to bring transparency to its supply chain.
Jin Keyu, a renowned economist and an associate profes
Robinhood's Plan to Win the Crypto Exchange War? Kill Trading Fees
As a new entrant into the cryptocurrency field, Vlad Tenev, co-CEO of online investment brokerage Robinhood, is following a time-honored business strategy: Undercut the competition.
Except he's tak
University Researchers Turn to Blockchain to Preserve Cultural Heritage
A team from China's Tsinghua University has filed a patent application detailing a role for blockchain technology in protecting cultural heritage.
According to a patent filing submitted in April an
CoinList's Fifth ICO Is a $61 Million Bid to Tokenize All the Assets
The website aiming to be the gold-standard for token sellers has been picking up the pace.
Since spinning off from venture capital giant AngelList last October, New York-based CoinList has been abl
US Judge Delays Crypto Fraud Ruling Pending CFTC Response
A federal judge has postponed any decision on a crypto fraud case brought by the Commodity Futures Trading Commission (CFTC) against alleged scammer Patrick McDonnell.
Judge Jack Weinstein of the E
Chinese Tech Firm Probed Over Launch of Crypto-Mining Video Console
Leshi Internet, a Chinese video streaming provider with a history of financial troubles, is being questioned by the Shenzhen Stock Exchange over its subsidiary's move into the crypto space.
Hedge Fund Billionaire Steven Cohen Is Getting into Crypto
Billionaire investor Steven Cohen, once dubbed the "Hedge Fund King," has reportedly entered the crypto space.
According to a Fortune article published July 12, Cohen has invested in cryptocurrency
Major League Baseball Collectibles Are Coming to Ethereum
Major League Baseball (MLB) is turning to blockchain to expand its fanbase.
MLB announced Friday that it has partnered with Lucid Sight, a blockchain startup based in Los Angeles, to launch a dApp