Digital asset investment company IronChain Capital has raised $2.5m seed funding, alongside the launch of two mutual funds for cryptocurrencies.
The funding was led by Matrix Partners, with participation also coming from Montage Ventures and Draft Ventures. Proceeds from the seed round will be used to strategically build out IronChain’s platform and offerings.
IronChain has also launched two mutual fund-like cryptocurrency index funds, IronChain MiX10 and IronChain MiX10 Institutional. These vehicles will use the MiX10 index, which is a market cap index that monitors the 10 largest cryptos.
The California-based company offers retail and institutional investors access to cryptocurrency investing. Other services offered by the company include brokerage accounts, investment products, portfolio management and trading solutions.
These two new funds gives accredited investors and qualified purchasers daily liquidity, broad diversification and institutional-grade security for investing in cryptos. The firm implements a 1 per cent management fee.
Contributions to the funds can be made via dollars, Bitcoin and Ether, and the vehicles offer a hybrid liquidity pool that combines aggregation and OTC desks.
IronChain CEO and founder Jonathan Benassaya said, “The disruptive nature of cryptocurrencies and the blockchain technologies at a global level is real, but poses an important challenge for investors to obtain exposure.
“Our mission is to build the first full-service investment platform dedicated to cryptocurrencies that provides easy access to the most liquid digital currencies. We believe our first two Funds will be a game changer in helping to further institutionalize the digital asset industry.”
Earlier in the year, Matrix Partners took part in the $20m funding round of India-based online payments technology provider Razorpay. The company supplies businesses with technology to accept digital payments.
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