Founder of Genesis Mining has announced the creation of the first Bitcoin Mining Fund
The founder of the mining company Genesis Mining's Marco Strang announced the creation of the first in the world Bitcoin Mining Fund. With the advent of the Fund investors will be able to become a part of Bitcoin industry without having to participate in the mining process or acquisition cryptocurrency on exchanges.
The Fund has received the name Logos Fund. It is similar to Bitcoin-focused exchange traded funds (ETFs). It will provide an opportunity to invest in Bitcoin without buying the digital currency. Logos Fund will work with accredited investors, with large private equity and traditional investment funds.
In a statement Marco Strang says:
"We have a good tradition to listen to our clients and to do what they have asked. This approach allowed us to get a customer base of over 100 thousand people during 2 years, and it will make the Fund successful. When you get inquiries from large investors who are ready to invest hundreds of millions dollars, it would be foolish not to listen and not to make a decision".
Genesis Mining offers so-called cloud mining, which involves the purchase of a contract for a certain amount of hash power on the machines in the data centers of the company. The difference between the Logos Fund and the cloud-based service will consist in the fact that the Fund owns the equipment directly and, according to Marco Strang, has no absolute dependence on income from mining.
"Mining can be profitable even with declining price of Bitcoin. The ability of profit is still present," added Strang.
Logos Fund has also enlisted the services of several professionals of the investment market, including top-Manager of UniCredit Bjorn Tilmann Artza. Although Italian financial group has nothing in common with the Fund.
Logos Fund plans to complete the registration procedure at the Federal office of financial supervision of Germany (BaFin), which will allow operating on the EU market.
We remind that in February after a meeting of leading representatives of Bitcoin industry in Hong Kong Genesis Mining has joined the list of companies that signed new offer for zoom network.