Singapore Launches First Crypto-Block Southeast Asian Fund
LenuX Ventures, the Singaporean firm, will launch the first-ever cryptocurrency fund in Southeast Asia as per statements on the blog. The entire fund will accumulate to $10M.
LuneX Ventures will pour funding into several emerging projects and operational startups in their infancy. Investments may possibly come in from several cryptocurrency exchanges, tool developers operating within custody services and DLT developers on an institutional level and the original transaction is set to conclude before the end of 2018.
Sparrow, a cryptocurrency exchange located in Singapore will be the investment recipient and a total of ten transactions have been planned by the exchange. Two vital reasons for the importance of this are presented.
The first reason is that the fund initiators are convinced that traditional investors are actively going head to head with each other to become involved in crypto assets although legal complications arise, such as financial and tax issues. The Venture company plans on addressing all these hindering issues.
The second reason is that those representing the project stress about the fact that this is the most promising time to deploy the fund due to cryptocurrencies dropping in value and a clear image of the importance behind blockchain-tech.