Cryptocurrency bank Xapo and Hilbert Capital, the asset management arm of Swedish investment firm Hilbert Group, have announced plans to jointly manage a bitcoin-denominated hedge fund with an initial capital of $200 million. The fund is expected to be officially launched in September and will be open to corporations, commercial institutions and professional investors.
Xapo Bank said it had become the first bank to enable interest on bitcoin and fiat accounts after successfully securing a banking licence to enter the UK. Xapo's platform claims to offer a 1 per cent yield on bitcoin interest without pledging, lending or locking up assets. The company did not provide details on where the yield came from. Its users can use their bitcoin through Xapo's debit card, send payments in sterling directly to UK bank accounts, invest in Standard & Poor's 500 index stocks,...