Cryptocurrency fund open to New Zealand investors
Australia’s Triple A Partners director Damien Hatfield is working with ANZ’s former head of global markets, Steve Belotti, to launch the EKT Active Fund, which will target 30%-a-year returns.
It is based in the Cayman Islands, which Hatfield said would mean tax advantages for New Zealand investors.
Hatfield said there was opportunity for diversification within cryptocurrencies. “What’s more interesting than just buying Ripple, Bitcoin or Ethereum – although that’s the main intention – is the initial coin offerings [ICOs].”
He said those initial coin offerings had often been offered at a discount of up to 60%. “When they list they elevate to par almost immediately. I don’t know if this year will provide such a juicy discount but it will have discount arrangements.”
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