Israel's first crypto investment fund aims to manage $50m by the end of 2018

19 Nov, 2018
by Will Heasman
Israel's first crypto investment fund aims to manage $50m by the end of 2018

While this year has been hard on the cryptocurrency market, institutional interest has never been higher. Along with such interest comes many more vehicles for entry in the form of custody, trading platforms and of course cryptocurrency funds.

Two such funds have recently launched in Israel, boasting to be the counties first.

The firm, known as Silver castle Ltd, alleges to be the first dedicated cryptocurrency investment platform for institutional and accredited investors in Israel.

According to Bloomberg, the firm launched the two funds this month and plan to have $50 million under management by the end of 2018.

This year has been turbulent for crypto space, but that hasn’t dissuaded Silver castle’s CEO, Eli Mizroch:

“We spent close to a year building robust infrastructure for managing other people’s money at the level of institutional grade with very, very high security,”.

The Silver Castle team boasts notable names in Israel’s financial industry such as Zvi Ziv, former CEO of Israel’s largest bank, Bank Hapoalim alongside, Gabriella Ravid founder and former CEO of Psagot Ofek Investment House, the country’s largest investment fund.

The two funds are focused on different aspects, the first will pick the 5 biggest cryptos by market cap and will be driven by long and short positions.

The second fund offers a basket of the top 10 cryptos and will be fully invested and automated.

A third fund, launching ta the end of 2018, will invest in ICOs.

This approach of luring institutional money seems to be gaining traction despite the current bear market. Bakkt is gearing up to be launched next month, offering an intuitive platform for institutions and Fidelity looks to open its crypto custody in January; two moves which Mizroch called “awesome for everybody”, let's hope so.

Read more: Fidelity Digital Assets launches to bring crypto to institutional investors; ICE officially announces December launch for Bitcoin futures exchange Bakkt

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