Australia-based Raiz Invest planning to release a fund with Gemini’s support
Raiz Invest, Australia-based micro-investing platform, enables clients to invest spare change from daily buys, is planning to launch a fund related to bitcoin.
George Lucas, CEO of Raiz Invest, revealed on Jan. 19 that the fund will have a 5% target resource allotment to bitcoin (BTC), and the rest 95% into stocks, bonds and cash, and other resources. Mr. Lucas said bitcoin is considered as same as an alternative asset class and planned to release in June of this year. He added that more details would be revealed after the fund launched.
Gemini, the regulated crypto exchanges, will partner with the role of the custodian of the fund.
Raiz Invest has received approval from the Australian Securities and Investment Commission (ASIC) for the fund. According to December filling, Australian Securities Exchange (ASX)-listed Raiz holds around AU$445 million (~US$306 million) in funds under management (FUM) and 211,657 active customers.
Raiz is now providing six portfolios, including “conservative” and “aggressive” asset allocations. The minimum investment amount via its apps is AU$5 (~US$3.5).
It is not the only app that will allow investing spare change into bitcoin. Other apps like Bundil, Shakepay, Roundlyx, and Donut all offer such options. ASX-listed DigitalX also offers a bitcoin fund, aimed at professional investors.