Copy link
Increase text size
Decrease text size
Link copied

Napoleon Bitcoin Fund launches in France to cater institutional investors

French asset management company Napoleon AM has launched a new bitcoin fund tied to CME's cash-settled bitcoin futures.

Image: Napoleon Facebook

Thu, 12 Dec 2019, 06:46 am UTC

Napoleon AM, a French asset management firm, has announced the launching of its new bitcoin fund that is tied to the cash-settled bitcoin futures of the derivatives provider Chicago Mercantile Exchange (CME). Called the Napoleon Bitcoin Fund, the product will cater to institutional investors with a minimum buy-in of $110,000.

Additionally, interested parties should only reside in France and cross-border trades are not permitted. The fund aims exposure to bitcoin’s price movement without the need to hold the actual cryptocurrency, The Block reported.

“The fund aims to replicate the performance of Bitcoin via Futures listed on the Chicago Mercantile Exchange in cash settlement, thus avoiding the problem of storing and valuing Bitcoin,” Napoleon said.

Greenlighted by French regulatory agency

Although this isn’t the first time that French traders have been given the opportunity to invest in crypto-based financial products, the Napoleon Bitcoin Fund has leg up over its competition as it successfully acquired the green light from the AMF (Autorité des marchés financiers). The fund is also among the first to use cash-settled bitcoin futures that are tied to the CME.

Napoleon President Stephane Ifrah said that the launch is the result of the firm’s collaboration with the AMF and its partners. Financière d'Uzès has been chosen as the fund’s custodian and accounting firm PwC has been appointed as its auditor.

“We are proud to contribute to the institutionalization and democratization of digital assets through a unique regulated fund under French law,” Ifrah said.

An emerging rivalry

Meanwhile, CME’s rival, Bakkt, has also recently launched its own cash-settled futures product in Singapore. The product will follow a similar strategy that’s being used by the Intercontinental Exchange (ICE) on its Brent Crude Oil Futures Contract.

“These new contracts represent an important milestone in the development of this emerging asset class and our bitcoin product complex. Backed by the strong support and commitment of the Intercontinental Exchange team, we have great momentum going into 2020 and an exciting product roadmap that includes new trading products, an expanded custody offering, an innovative consumer payments app, and more,” Bakkt said

As for what France itself is planning, officials are currently looking into the development of its own central bank digital currency (CBDC). A trial run is slated to launch in the first quarter of 2020 to test the viability of this option and identify risks that need to be addressed.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,477.82 (+1.25%)
  • Ethereum (ETH) $162.53 (-0.17%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $323.40 (-3.59%)
  • Bitcoin SV (BSV) $278.03 (-1.94%)
  • Bitcoin (BTC) $8,477.82 (+1.25%)
Jan 24, 2020 (Friday)
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Japan ruling party lawmakers to propose digital yen in February: Report
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
Tether launches new stablecoin backed by physical gold
Crypto exchange ErisX partners with Etale to offer new trading features
World Economic Forum launches blockchain-based supply chain traceability platform
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
Crypto exchange Binance invests in blockchain startup Numbers
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
World Economic Forum creates framework to help central banks design and deploy CBDC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.