Holon, an asset manager and provider of Web 3.0 data storage, has partnered with Gemini to give Australia its first privately held Bitcoin (BTC), Ethereum (ETH) and Filecoin (FIL) funds.
The partnership will use Gemini to provide custody solutions across all three funds.
The three funds will use what is known locally as a ‘managed investment scheme’. The investment vehicle allows for the direct purchase of BTC, ETH and FIL. Several participants contribute to managed investment schemes and receive a portion of the interest. Such funds are usually overseen by a fund manager.
Alex Philips, Gemini’s senior director of Business Development Asia Pacific, said:
“Our partnership with Holon is a great example of Gemini’s commitment to increasing the accessibility of crypto around the world.”
Holon and Gemini are changing the game in Australia?
It’s not the first time Holon and Gemini have teamed up. In August 2021, the two companies teamed up to create a wholesale Filecoin (FIL) fund. The fund was intended to purchase and lend FIL to Holon Global Innovations, a subsidiary of Holon Global Investments.
In addition, they wanted to use this as collateral for the creation of a decentralized cloud data storage company. In addition, the Holon Filecoin Fund is the first privately managed digital asset investment program outside of Bitcoin and Ethereum registered with ASIC.
The Australian Securities and Investments Commission is the country’s financial services watchdog. This includes Holon’s crypto funds. Australia is quickly turning into a hotspot for regulated cryptocurrency investment plans. The country saw the debut of its first spot Bitcoin (BTC) and Ethereum (ETH) ETFs (exchange-traded funds) earlier this year – the 21Shares Bitcoin ETF (EBTC) and the ETFS 21Shares Ethereum ETF (EETH).
However, activity through these investment vehicles was moderate. The funds made their debut at a time when markets were spiraling downward. Which may have played a part in their lukewarm performances.
Nevertheless, the Australian approach is currently leading the way for regulated crypto funds. The US is still waiting for its first stop Bitcoin (BTC) ETF. Anyway, the US has approved a futures-based crypto ETF.