As part of its expansion into Southeast Asia, U.S. cryptocurrency exchange Gemini is teaming up with an Australian equities manager to serve as the custodian of a fund that’s based on the filecoin (FIL) cryptocurrency.
- Sydney-based Holon Global Investments says it's a "global equities manager focused on innovation and investor aligned wealth management."
- Holon's Wholesale Filecoin Fund will be managed by the exchange's regulated custody service, according to a press release on Tuesday.
- The fund seeks to raise A$25 million ($18.4 million) over a three-month period, promising clients a 100% FIL return over five years with a 0% management fee.
- FIL is the native token of the decentralized data-sharing Filecoin network.
- "The fund was designed to give investors an opportunity to invest in a unique asset," Eugene Ng, Gemini's head of business development for Asia Pacific, told CoinDesk. "This allows investors to diversify their portfolios and also receive an attractive rate of return."
- In order to generate returns, the companies say the fund will purchase FIL and lend the token to a Holon subsidiary.
- "For every Filecoin Holon Innovations borrows from the fund, it will pay the fund two filecoins at maturity. This structure gives investors a return on their investment in the form of additional filecoin," Ng said.
- Gemini said the partnership is part of its push into Southeast Asia that began in earnest at the start of last month.