Gemini to Custody Filecoin Fund of Australian Equities Manager to Further Asia Expansion

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coindesk
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3 years ago

As part of its expansion into the southeast Asia market, U.S. cryptocurrency exchange Gemini is teaming up with an Australian equities manager to custody a fund based around filecoin (FIL).

  • Sydney-based Holon Global Investments says it's a "global equities manager focused on innovation and investor aligned wealth management."
  • Holon's Wholesale Filecoin Fund will be managed by the exchange's regulated custody service, according to a press release on Tuesday.
  • The fund seeks to raise A$25 million ($18.4 million) over a three-month period promising clients a 100% FIL return over five years based on a 0% management fee.
  • FIL is the native token of the decentralized data-sharing Filecoin network.
  • "The Fund was designed to give investors an opportunity to invest in a unique asset," Eugene Ng, Gemini's head of business development for Asia Pacific, told CoinDesk. "This allows investors to diversify their portfolios and also receive an attractive rate of return."
  • In order to generate returns, the companies say the fund will purchase FIL and lend the token to a Holon subsidiary.
  • "For every Filecoin Holon Innovations borrows from the Fund, it will pay the fund 2 Filecoins at maturity. This structure gives investors a return on their investment in the form of additional Filecoin," Ng said.
  • Gemini said the partnership forms part of a push into southeast Asia that began in earnest at the start of last month.

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