Australia
Greenlights App-Based Bitcoin Fund
Australia’s finance watchdog
has greenlighted a bitcoin fund aimed at real investors that is set to be
offered in a micro-investment app called Raiz. The app lets users invest
change left over from everyday purchases in exchange-traded funds on the Australian
Securities Exchange (ASX).
According to the Australian
Financial Review, the bitcoin fund is set to be offered to investors in the
first half of this year, and will help them diversify their investments as
most of users’ funds will go to ETFs, while 5% will be allocated to BTC.
The Raiz app is said to have
over 600,000 users and reported a revenue of over A $3 million (US $2
million) last year. CoinDesk reports other bitcoin funds were already
available in Australia, but were aimed at professional investors.
