The Apex Token Fund aims to raise up to $100m from non-US investors via a so-called token offering, a form of fundraising using cryptocurrency.
The launch follows Bank of England governor Mark Carney’s warning that cryptocurrencies need to be regulated to prevent illegal activities and outgoing FCA chairman John Griffiths-Jones warning they are likely to bring consumer harm.
Christopher Keshian, managing partner of Apex Token Fund, said: “To truly bring crypto-assets into the mainstream, we must develop more mature financial products suitable for a larger body of investors. The $APEX Token Fund uses technology which will unlock liquidity, manage volatility and lower barriers to entry for a larger market of global investors.
“Cryptocurrencies are growing in a jagged upward trajectory and we believe that the best way to build a portfolio in this space is by diversifying investment strategies and fund managers.”
Apex said investing in the fund of hedge funds does not require a high minimum investment or commitment to multi-year lock-in periods as is typical in the hedge fund industry.
Underlying managers that the fund invests in include: Pantera Capital, Tetras Capital, Sora Ventures, Amentum Investors and InBlockchain.
The investment manager said the fund primarily targets those already familiar with investing in cryptocurrencies but seeking more diversified exposure.
