The Treasury of Japan launches a cryptocurrency fund of 2.66 million dollars
Japanese investment research firm and bitcoin exchange operator, Fisco, announced that it will launch a cryptocurrency fund.
After the firm issued a Bitcoin bonus last year, the new encryption fund will invest more than 300 million yen ($ 2.66 million) in Bitcoins and other digital currencies, according to Nikkei.
The report adds that the fund, which could be launched this month, is being claimed as the first of its kind in Japan.
The company will seek to obtain profits from the price differences between the exchanges of local and foreign cryptocurrencies. Fisco said it will invest its own money in the fund and increase the capital of two Fintech firms, pointing to investment returns of approximately 20 percent per year, the report said.
The corporate analyst company, which launched a bitcoin exchange in August 2016 and has invested in other exchanges such as TechBureau, issued a three-year trial bonus in August last year, worth 200 bitcoins at that time.
Masayuki Tashiro, Fisco's product manager, told Bloomberg at the time that the issue could open ways to generate revenue, provided it had the backing of the government.
Source: CoinDesk
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