Altonomy Launches New Cloud Mining Product for Institutions
AltMiner combines the newest generation of mining technology with a secure hosting site, providing access to crypto assets and the underlying miner industry with a superior return profile.
NEW YORK, July 3, 2019 /PRNewswire/ -- Altonomy, the leading trading desk, market maker and asset manager for cryptocurrency assets and derivatives, announced today it has launched AltMiner, a new cloud-based mining product tailored to international institutions and large investors seeking long-term exposure to bitcoin.
"We'e delighted to launch AltMiner and provide larger investors with high-quality miner exposure at a lower relative cost than retail-focused alternatives," said Ricky Li, co-founder of Altonomy. "As the crypto market moves from strength to strength, this product allows institutions to recoup bitcoin generated by the most advanced miner technology available, without requiring coverage for mining overheads such as setup fees, hosting costs and utility expenses."
AltMiner products have a minimum buy-in of $500,000 and each product is sold as a two-year contractual commitment. Payouts are issued to product owners daily in bitcoin and are proportional to the owner's hashrate, as well as the hashrate of the entire Bitcoin Network.
The first batch of AltMiner products, which had a hashrate capacity for $3 million, is already oversubscribed by more than 300%, with the first payout window commencing on June 26, 2019. Altonomy owns the underlying equipment and is offering second batch of AltMiner, with an estimated capacity for more than $10 million.
"Being backed by sub-10 nanometer bitcoin mining processors, AltMiner is harnessing technology that is extremely hard to procure," said Charles Pyo, CEO of Chain Partners. "We are thrilled that such a product is now available, giving us exposure to efficient miners and promising returns. As a long-term partner of Altonomy in the Korean market, we are also extremely excited to make this product accessible for Korean investors."
"In AltMiner, Altonomy is providing a compelling product that gives us the long-term exposure to bitcoin we seek," said Jae Hoon Choi, founder and CEO of Pledgecamp. "The regular payouts that AltMiner generates provide a steady cash flow to help fund our daily operations. We are very glad to work with a notable institution like Altonomy on this."
"As mining exposure takes root among retail investors, AltMiner presents a pioneering product for institutions," said Ryan Fang, Founder of ANKR. "Depending on market conditions, one can make the case that AltMiner is a superior vehicle for long-term exposure to bitcoin, then this is the easiest and probably the cheapest solution."
Altonomy is a trading desk, advisory firm and asset manager for the crypto asset marketplace, providing liquidity and institutional-grade OTC transaction services for crypto-to-fiat and crypto-to-crypto trades. Founded in 2018 by veteran traders with decades of experience working across marquee brands including Goldman Sachs, Citibank, Morgan Stanley, PWC, CME Group and Credit Suisse, Altonomy maintains a robust network of partners, including the industry's top crypto projects, exchanges and institutional investors. The firm is headquartered in Singapore, with offices in New York City and Beijing. For more information, visit altonomy.com or email [email protected].
Prosek Partners, on behalf of Altonomy