DigitalX opens crypto fund, launches website

10/04/2018 - 13:44

Local fintech company DigitalX has announced it will open a cryptocurrency-focused investment fund and launch two digital currency websites with Perth-based media company Multiplier.

Leigh Travers says the websites will be a platform to educate new investors.

Local fintech company DigitalX has announced it will open a cryptocurrency-focused investment fund and launch two digital currency websites with Perth-based media company Multiplier.

The fund, DigitalX Investments, will invest primarily in the major cryptocurrencies, with a small allocation towards initial coin offerings and other investment options.

Former Ellerston Capital portfolio manager Tim Davies has been appointed as head of the new fund.

DigitalX said it would seed the fund with about $750,000 from the company’s existing cryptocurrency assets.

Managing director Leigh Travers said there would be risk-protection limits in place.

DigitalX continues to aim to be a leading player in the crypto-asset space in Australia and has to date built extensive experience within its team managing crypto-assets and understanding the protocols behind different crypto-assets, including currencies and tokens,” he said

“This initial small step into funds management can hopefully lead to a growth in our portfolio and strengthening of DigitalX’s ongoing revenue streams in this space.”

Meanwhile, the company has also announced it will launch a cryptocurrency business news website, along with an online digital currency education platform.

The websites will be operated by 50-50 joint venture partner Multiplier, with both currently under final development.

Coin.org will provide information designed to educate the market about blockchain and crypto assets, while Multipliercrypto.com will be a digital news network for businesses within the digital currency space.

Mr Travers said the websites would be a platform to educate new investors.

“We are in the same time zone as Asia, so both sites will have a strong Asia focus. We are aiming to become the authoritative source of information for well-educated and sophisticated new entrants to cryptocurrency markets,” he said.

Multiplier was established by former financial news journalist and TV anchor for Bloomberg, Heidi Cuthbert.

Shares in DigitalX were up 3 per cent at 17 cents each at the close.

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