Los Angeles-based Wave Financial has announced that Fidelity Digital Assets will provide custody for its new Bitcoin Income & Growth Digital Fund.
After several months of due diligence, Fidelity Digital Assets is now on board to provide custody for the fund of Wave Financial, a asset management firm focused on digital assets who announced the launch of the world’s first crypto derivatives-based yield fund with the objective of generating yield by selling call options on bitcoin held under management. 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.
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. The new fund is currently open for subscriptions, but there haven’t been any investors who have confirmed to subscribe.
“We have a number of investors that have expressed interest and we are working to get them the actual private placement memorandum and subscription agreement,” Benjamin Tsai, President & Managing Partner of Wave Financial, told CoinDesk.