ADDX, formerly known as iSTOX, has announced that it has launched its first cryptocurrency product, the TCM Digital Asset Fund.
“As Singapore establishes itself as an important global hub for regulated crypto activity, ADDX seeks to make a positive contribution to the crypto landscape of the city, by adding to the rich diversity of high-quality offerings available to investors,” said Oi Yee Choo, chief commercial officer of ADDX.
The TCM Digital Asset Fund aims to provide accredited investors with a reliable option for crypto investing and has institutional-grade safeguards in relation to the trade execution and custody of the fund’s underlying digital assets, according to TCM.
Investors on the ADDX platform can subscribe to or redeem units each month with TCM.
Apart from Bitcoin and Ethereum, the fund also invests in seven other cryptocurrencies which are reviewed and changed from month to month based on a quantitative model. The fund manager declined to reveal the seven cryptocurrencies.
The fund recorded a net ret return of 215% in 2020, and 205% in the first ten months of 2021, according to TCM. The annualised volatility since 2020 is 99%.
The TCM Digital Asset Fund has an independent administrator, auditor, and custodian, and is among the first digital asset funds to be audited by KPMG.
Custody and trading services are provided by Coinbase, with a minimum investment size of $10,000.
Based in Australia, TCM was founded in 2017 by former bankers Jon Deane and Bob Tucker, and manages the TCM Digital Asset Fund and TCM Digital Asset Income Fund. CEO Deane has over 15 years’ experience in investment banks including JP Morgan and UBS AG. He was managing director and head of Asia commodities trading at JP Morgan from 2014 to 2018.
Singapore-regulated ADDX is building a private market exchange with blockchain and smart contract technology.
In September, ADDX signed an agreement to receive a $200m allocation under China’s QDLP scheme to enlarge its business in China.
The exchange has partnered with Singapore-regulated wealth and fund management company ICHAM, and will be the primary venue for investments from the ICHAM fund in China authorised to raise capital from Chinese institutions and individuals.