A&G Funds, a subsidiary of a Spanish private bank, has recently introduced an actively managed cryptocurrency fund. This fund will primarily invest in various financial instruments like exchange-traded notes and products, rather than directly holding cryptocurrencies.
According to a report from Europress, the bank has already registered the fund’s brochure with the regulatory National Securities Market Commission (CNMV), and it plans to offer this investment product to interested clients.
The specific composition of the fund is still undecided, as A&G emphasized that it will only have exposure to cryptocurrencies through financial instruments linked to the profitability of the tokens, ranging from 50% to 100%.
In Europe, CACEIS Bank, a collaboration between Crédit Agricole and Santander for asset servicing, has received authorization from the French financial markets authority to act as a cryptocurrency custodian. This development further enhances the custodial framework of the fund.
The new fund, which the company believes offers investors a safer and more efficient alternative to direct spot crypto purchases, will utilize Crédit Agricole and Santander’s asset servicing arm, known as CACEIS, as its depositary, with Pac serving as its auditor.
Meanwhile, other financial institutions in Europe are also exploring opportunities in the crypto space. Deutsche Bank’s DWS is partnering with Galaxy Digital to issue European exchange-traded products (ETP) for digital assets. In the UK, Brevan Howard has a digital assets division called Brevan Howard Digital, which acquired a crypto hedge fund earlier in the year. In the United States, there is anticipation about whether the SEC will approve a BlackRock spot Bitcoin ETF.
A&G’s cryptocurrency investment fund comes at a time when notable figures in Spain are showing interest in crypto. In March, a Spanish MP resigned from his parliamentary role to pursue a career in the cryptocurrency industry.
The launch of A&G’s crypto investment fund coincides with the growing interest in cryptocurrencies among prominent Spaniards. This burgeoning interest is gradually breaking down traditional barriers and indicating that digital assets may play a significant role in shaping the future of the global financial landscape. With A&G Bank taking a bold initiative, the future of crypto investments in Spain appears promising, generating curiosity and excitement among investors and industry observers alike.