2 months ago- News -
Silver Castle Ltd. Is Planning To Launch Two Crypto Funds
As the report from Bloomberg states, Israel’s investment house is offering two new crypto funds and is expecting $50 million under management.
Currently, there are more than 370 crypto funds managing more than $10 billion in assets. The launch of the two new crypto funds is a result of a really bad year for Bitcoin. The largest cryptocurrency in the world has fallen more than 70% over the year.
Eli Mizroch, CEO of the company commented:
“We spent close to a year building a robust infrastructure for managing other people’s money at the level of institutional grade with very, very high security,”
The company itself includes a lot of influential people such as Zvi Ziv former CEO of Bank Hapoalim Ltd., and Gabriella Ravid, founder and former CEO of Psagot Ofek Investment House.
According to Startup National Central data, Israel has been blockchain friendly country so far, with 200% increase in local blockchain companies, in 2015 the number of blockchain companies was 42, and the now number has increased to 129.
The first fund of Silver Castle is operating on an algorithm, that chooses the five largest coins by market capitalization. The trading system combines both long and short momentum strategies.
The second fund of Silver Castle is also operating on an algorithm. It is fully invested and it offers a basket of the top 10 coins on the market. There will also be the third fund, which will be token-based and will only invest in ICOs. The third fund will be launched by the end of the year.
Zvi Zi, the former CEO of Bank Hapoalim Ltd, commented on this matter:
“There is a lot of potential in using blockchain and everything is going to try and move there, I believe herein lies the biggest potential in the financial world.”