Fidelity Digital Assets to Provide Custody for Bitcoin Derivatives Yield Fund
An asset manager wants to have a go at a bitcoin-options-based fund as major exchanges make crypto derivatives trading more accessible to investors.
The Los Angeles-based Wave Financial has launched the Wave BTC Income & Growth Digital Fund, touting the fund to be the first crypto-derivatives-based yield fund on the market.
“I think what was missing in the crypto market is a lot of very solid traditional types of products, but with crypto assets,” Ben Tsai, managing partner of Wave Financial, told CoinDesk.
After several months of due diligence, Tsai said Fidelity Digital Assets is now on board to provide custody for the fund.
The idea is to capture part of a new market of yield products in the crypto space, building on creativity from traditional funds and the growth of the crypto derivatives platforms that underpin the technical aspects of these new funds.