BITCOIN

Tracker fund targets index of digital currencies

TAGs: Bitcoin, Dave Askey, digital currency, DLT Financial, Jasmine Solana

DLT Financial, a start-up based in London, is planning to roll out a fund tracker targeting an index of digital currencies, including bitcoin, in hopes of making the virtual coins “a more attractive investment asset class,” Reuters reported.

Tracker fund targets index of digital currenciesThe index covers 10 cryptocurrencies, according to the report. Aside from bitcoin, there’s also ether and Ripple, a digital currency for bank-to-bank payments. The company plans to use the cold storage method—essentially taking data offline and storing it in hard drives—to minimize the risk of hacks.

Dave Askey, co-founder of DLT Financial, said the goal is to “bridge the gap” between blockchain technology and the “traditional institutional investment community.”

“Currently it’s really very hard to invest in these assets as a pretty deep technical knowledge is needed to buy and manage them. We want to bring (them) to the wider community,” Askey said, according to the news outlet.

Bitcoin sees success in countries focusing on financial inclusions

DLT Financial’s fund tracker could find traction in Kenya and other countries that make an effort to push for financial inclusion.

According to The Finanser, which quoted a report from think tank Brookings Institute, a number of developing countries are faring well on the financial inclusion front, thanks to the boom in mobile smart devices.

Kenya, with its high level of mobile capacity and relaxed regulatory landscape, leads the list, followed by Colombia and Brazil. Uganda, India, Pakistan and Peru have also committed to push for financial inclusion.

So where does bitcoin fit in all of these?

Well, bitcoin might still be considered a niche market, but there’s no doubt that it provides financial inclusion as well. After all, the popular digital currency is used to send money around the world instantly, at a low cost, and without the need for third-party checks. Bitcoin is also considered a safe haven asset, making it a perfect asset in times of uncertain economic times—both for developed and developing countries.

Current bitcoin price and trade volume

The price continues its steady rise, trading at $626.02 on Thursday with a market cap of close to $9.82 billion and trade volume of $16.92 million.

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