Bitfury has announced the launch of a Bitcoin Mining Fund in Japan this July, barely a month since it launched a similar product for the North American market.
The firm, whose focus is on the provision of infrastructure for blockchain development and crypto mining, partnered with Nippon Angel Investment Company (NAIC) to roll out this milestone. NAIC is regulated by Japan's Financial Services Agency (FSA) as a fund manager within its jurisdiction.
The announcement notes that NAIC conducted proper due diligence on Bitfury prior to onboarding them as investment partners. These two firms are now looking to scale investment options for individual and institutional investors via digital assets.
Ideally, institutions can buy in on assets like Bitfury's data center through the firm's investor program and NAIC digital currency fund. Bitfury's founder and CEO, Valery Vavilov, emphasized on this approach to diversify portfolios:
“We are looking forward to bringing this diverse investment route to investors in Japan.”
He went on to highlight that this type of investment vehicle will spur digital currency adoption especially with unprecedented volatility in global markets. While the project is set to accommodate both individual and institutional investors in the long-run, it will initially serve SMEs, religious corporations, and family offices before scaling to the retail market.
The head of Bitfury in Japan, Katsuya Konno, has since expressed optimism that this project will attract a significant market demand. Speaking to Cointelegraph, Konno said that the product's yield is different from other assets in the market hence a competitive advantage. He added that the timing of the product launch is critical based on market reactions post-COVID:
“This fund brings digital currency investments to Japanese investors at a critical time, when we are seeing risk/return profiles across other asset classes significantly change in reaction to the COVID-19 pandemic.”