An Israel-based investment house has announced plans to cement its hold as a DLT driver in the country by launching the first dedicated digital coin investment platform for institutional and accredited investors.
Silver Castle Ltd has ignored the current bear market with this decision, with its CEO Eli Mizroch confirming that the company had spent the best part of a year creating a strong foundation for managing institutional grade-level investments.
It was only last week that KMPG called for “more participation from the broader financial services ecosystem to help drive trust and scale for the tokenized economy and help the crypto market grow and mature”. Silver Castle’s move is clearly aimed at capturing this market.
Mizroch described the launching of two funds as “awesome for everybody”; it has a target of USD 50 million by the end of this year. The first fund is described as being driven by both long and short momentum, based on an algorithmic trading device which will pick the five biggest coins by market cap. Mizroch claims that the system has been utilized in house for the past year, yielding “high double-digit” returns.
The second of the two funds offers a basket of the top 10 coins, again the result of a weighted algorithm, with further plans to launch a token-based fund for ICO investment purposes, also scheduled for the end of the year.
The company includes Zvi Ziv, a former chief executive officer of Bank Hapoalim Ltd, Israel’s largest bank by assets; and Gabriella Ravid, founder and former CEO of Psagot Ofek Investment House, the country’s largest investment fund. Ziv is insistent on the company following the blockchain trial, arguing that:
“There is a lot of potential in using blockchain and everything is going to try and move there… I believe herein lies the biggest potential in the financial world.”
Silver Castle’s CEO agrees, suggesting that blockchain is the future of investment infrastructure, with Israeli Blockchain Association’s (IBA) founding partner, Gadi Isaev, hailing the launch as a landmark event for the whole Israeli cryptocurrency market. Roma Gold, another founding partner of the IBA, commented that ICOs are becoming less popular, but institutional investment in blockchain is very much on the rise:
“The Israeli blockchain ecosystem is presently experiencing both a boost and a transformation… Today, fewer startup founders are coming out of morally questionable markets, such as binary options, and gambling. Instead, more institutional players are starting to enter the market. In essence, the market is going through self-purification.”
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