BGBF-I goes live as South East Asia’s first-ever insured Bitcoin fund

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on Mar 10, 2021
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  • The fund only targets accredited institutional and corporate investors.
  • While the fund is focusing on BTC only at the moment, it seeks to expand into the DeFi sector.
  • BGBF-I runs on an AI-powered blockchain-based platform offered by GGCX.io exchange.

Malaysia-based BCMG Genesis Bitcoin Fund-I (BGBF-I) has launched as South East Asia’s first insured Bitcoin fund. A press release disclosed this news on March 8, noting that the fund aims to meet the increasing interest in the crypto space by accredited institutional and corporate investors. Reportedly, BGBF-I only deals with BTC, and it offers insurance coverage and underwriting for Public Offering Security Insurance (POSI). In doing so, the fund shields investor funds with an additional security layer.

According to the news release, BGBF-I launched in the Digital Assets sector after joining hands with effort makers and liquidity providers. The fund also seeks to go live in the rapidly-growing Decentralized Finance (DeFi) industry. Allegedly, the fund is underpinned by an ecosystem of stakeholders and partners that are deeply rooted in Asia.

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Alpha Calibration, a regulatory compliance and professional services provider, will be the fund’s administrator. On the other hand, Hong Kong-based HLB Hodgson will be the auditor, and Malaysia’s IBH Investment Bank, which is based in Labuan, will be the primary fund advisor.

Touting BGBF-I, its manager, Subbu Vempati, said the fund is a secure, insured, and regulated platform that offers investors exposure to the crypto industry. He added that investors would benefit from the fund’s expertise in the financial, technical, and security aspects of Bitcoin investments. Vempati added that BGBF-I would let investors dip their toes into BTC worry-free without having to face the challenges or risk of directly handling the coin.

Merging the blockchain with Artificial Intelligence (AI)

BGBF-I runs on an AI-powered blockchain-based platform. Reportedly, GGCX.io, the first fully-insured crypto exchange, offered this platform. By combining the blockchain and AI, the exchange came up with a complex infrastructure that shields assets against attacks. Apart from this, the platform leverages a security model that holds all investment subscription contracts in custody with regulated banks. To ensure compliance BGBF-I requires all investors to go through KYC and AML screening.