December 13, 2019 by Océane
Strongly persuaded that the technology of Blockchain and crypto-currencies are the new cornerstones of the financial sector, Napoleon AM, the asset management company in paris, brings a revolution through the creation of a fund dedicated to Bitcoin (BTC), baptized Napoleon Bitcoin Fund.
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Due to future Bitcoin CME
Creates at the beginning of the month of November, Napoleon Bitcoin Fund is a fund specialized professional operating under the French jurisdiction. In other words, it is a fund dedicated specifically for professional investors residing in France.
The special touch brought by this new product would be a diversification of client portfolios, by investing in the crypto-currency number one with, however, a minimum investment of 100 000 euros.
In effect, the fund does not directly charge bitcoins, but it will simply replicate the performance of futures contracts on the Bitcoin side of the Chicago Mercantile Exchange (CME), with a settlement in cash at the end of the term.
The company would have deliberately chosen the regulations of the fiduciary currency in order to avoid difficulties related to the conversion of bitcoin and the fluctuations of its price.
To this end, the Financial Uzes would have been designated to carry out the function of the depositary, while the PwC will take over the role of commissioner of accounts.
A new step for the crypto-French industry
Although Napoleon AM not the first French company to have proposed a fund of bitcoins, this move is a first for France since it is the first fund of this kind, see unable to obtain the approval AIMF with the Autorité des marchés financiers (AMF).
Stephane Ifrah, the president of Napoleon AM, have even argued in this context that the launch of this fund has not been able to reach that after talks extended by the AMF.
“We are proud to contribute to the institutionalisation and democratisation of digital assets through a fund regulated single in French law “, he added.
Always in this spirit of pride, Sergio Gonzalez, the head of communications of Napoleon AM, said :
“The financial product opens the door to an alternative use of the future, so to optimize replication and to maintain access to the best sources in the future “.
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