Fisco a Japanese company is set to launch $2.66 million cryptocurrency fund
The investment research firm and Japanese bitcoin exchange operator Fisco have announced the launch of a cryptocurrency fund.
After the company issued a Bitcoin bonus last year, the new encryption fund will invest more than 300 million yen ($ 2.66 million) in Bitcoin and other digital currencies, according to Nikkei.
The report adds that the fund, which could launch this month, is considered the first of its kind in Japan.
The company will seek to capitalize on price differences between trading in local and overseas cryptocurrencies. Fisco said it would invest its own money in the fund and increase the capital of two fintech companies that report investment returns of about 20% per year, according to the report.
The business analytics company, which launched a bitcoin swap in August 2016 and invested in other exchanges, such as TechBureau, issued a three-year test bonus of 200 bitcoins at this time in August.
Masayuki Tashiro, Fiska’s product manager, told Bloomberg at the time that the problem could open up opportunities to generate revenue, provided that it enjoys government support.