- Spain’s private bank A&G has registered a crypto fund.
- The structure and principles of the organization have been developed over 2 years.
- The cryptocurrency fund will start operating in September 2023.
Spain’s bank A&G has registered a cryptocurrency fund with Spain’s financial regulator. This was reported by Blockworks.
The fund will be controlled by Roman Gonzalez Torres and Ruben Ayuso. CASEIS Bank, the asset servicing division of Crédit Agricole, has been appointed as the depositary. PricewaterhouseCoopers (PwC) from the UK will be the auditor.
Torres said A&G will be Europe’s first crypto fund with a unique management scheme. Unlike passively managed organizations (like GDLC or BITW), A&G fund management will make decisions based on liquidity, Glassnode metrics and other data providers.
“Under an optimistic outlook, up to 30% of the fund’s assets could be in cash. But we aim to invest the bulk of our funds in cryptocurrencies. This approach makes A&G a full-fledged crypto fund,” Roman Gonzalez Torres emphasized.
The bank also said it expects to outperform other crypto funds in the long term. Work on the launch of the new product has been underway for two years.In June 2023, CASEIS, the banking group of Crédit Agricole, received its digital asset provider license. Deutsche Bank AG, a German bank, has also filed the same application.
A similar application was filed by Deutsche Bank AG.