Spanish Private Bank A&G Launches First Crypto Investment Fund Amid Rising Adoption
Leading Spanish private bank A&G has introduced a crypto investment fund, signaling the rising adoption of cryptocurrencies in Spain.
The bank registered the fund’s brochure with the regulatory National Securities Market Commission (CNMV) and expressed that investors have shown keen interest in crypto investment. A&G emphasized the importance of risk management and control through investment products that are safer and better regulated, particularly with professional supervision.
CACEIS Bank, the joint asset servicing arm of Crédit Agricole and Santander, will act as the fund’s depositary, while PwC will serve as the auditor. The fund will have exposure to cryptocurrencies, primarily Bitcoin and Ethereum, ranging from 50% to 100%, and a minority exposure to other cryptocurrencies with satisfactory liquidity.
However, the brochure also highlights the high risks associated with cryptocurrencies due to their volatility and complexity, and the possibility of the total loss of investment. The growing interest in crypto investments in Spain is evident, as more financial institutions explore opportunities in the crypto market.
Clever Robot News Desk 27th July 2023
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