Blockchain firm Bitfury to launch a Bitcoin mining fund in Japan
|- Bitfury, a crypto mining and blockchain firm, is planning to launch a Bitcoin mining fund in Japan by July.
- The fund is purportedly the first crypto-mining fund in Japan and will initially only cater to institutional investors.
- Major Japanese law firm Anderson Mori & Tomotsune will serve as an advisor for the fund.
Bitfury, a crypto mining and blockchain development firm, is looking to launch a Bitcoin mining fund in Japan by July, according to a Cointelegraph report. Owing to the growing uncertainties around traditional markets amid the COVID-19 pandemic, investors are increasingly paying attention to crypto as an alternative investment. However, there is still no proper way for Japanese investors to gain indirect exposure to Bitcoin via crypto-related infrastructure.
Bitfury’s fund is purportedly the first crypto-mining fund in Japan. It will initially cater to institutional investors like "family offices, owner-operated small and medium‐sized enterprises [and] religious corporations" before expanding to retail clients.
Katsuya Konno, the head of Bitfury Japan, believes there is a lot of demand for the project "because its yield is different from other products." To comply with the Japanese regulations, the fund has established a Special Purpose Company to raise investment.
The new fund will be operated by Nippon Angels Investment, which is registered as a Financial Instruments Business Operator with the Financial Services Agency. Major Japanese law firm Anderson Mori & Tomotsune will serve as an advisor.
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