Malta-based brokerage company EXANTE has launched a fund based on altcoin index.
— EXANTE (@EXANTE_EU) 24 August 2017
Underlying the XAI.Fund is XNT Altcoin Index (XAI). Currently it supports six main altcoins: Ethereum, Ethereum Classic, Ripple, Monero, Litecoin, and ZCash. The company explained this choice by the fact that said altcoins account for 30% of the entire market.
“We intentionally did not include Bitcoin in the index: thus, our market cap weighted index became even more promising,” the company’s statement reads.
Initially, management of those assets will be available via a personal manager, yet the company intends to bring the option to their trading platform as well. The fee will comprise 0.5% of the transaction’s amount, with the minimal lot being 0.001 of the index as expressed in USD.
EXANTE noted that the fund features safe storage of assets and management via a brokerage account.
“Besides, with XAI.Fund corporate clients now have a capability to legally invest into cryptocurrencies without experiencing problems with accounting or taxation,” the statement goes on.
The cryptocurrencies listed above have been added to EXANTE this June for the purpose of standard trading at the same account and platform used for shares, ETF, derivatives and other financial instruments.
Anatoliy Knyazev, co-founder of EXANTE elaborated:
“Just a couple of weeks ago we launched separate funds for Ripple, Ethereum. Monero, Zcash and Litecoin – which was a huge success. We did notice an additional demand from clients who don’t have the time or the technological means to deep-dive and analyze each currency separately – but do want to profit from the bullish altcoin markets. XAI is the solution to that problem.”
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