The Firm Behind Bytemine, Stockholm IT, Sets Up A Crypto Fund

The German-listed firm behind the successful Bytemine ICO, Stockholm IT ventures, announced that it was setting up a targeted assent management fund aimed towards cryptocurrencies. This development comes amid a progressively uncertain cryptocurrency market with the market capitalization of nearly all virtual currencies dropping below 200 billion dollars.

When it was listed in Frankfurt back in 2014, the share of this company was trading at €3, but now it as dropped to around €0.02. Due to slim trading volumes, the worth of the company has significantly reduced ever since it was launched in 2014.

The Bytemine Token ICO

The move to launch the new crypto fund comes in the heels of an announcement of the Bytemine ICO. The company raised the €5 million it wanted during the pre-sale stage, which allowed it to move ahead with its plans in August of redesigning its strategy. Rather than moving to the expected crowd sale phase after the pre-sale was completed, the firm announced that it was pivoting and shifting to digital asset management. They commented that they would use their proven cryptocurrency trading plans to start generating income.

Launching The Crypto Asset Management Service

According to Anthony Norman, the company’s CEO, the CAMS service will utilize a customized algorithm that will allow the firm to reap sizeable profits regardless of the crypto trading volatility. He commented that their algorithm was guaranteed to provide up to 1.5% returns every trading day.

When you hear of such high promises from crypto firms of guaranteed returns, it is easy to dismiss them as Ponzi schemes. Nevertheless, the CEO added that it was these positive returns were possible given that the market prices typically don’t stand still. While FX and equity trading experiences fluctuations around 1% every day, it is common to experience 10% fluctuations in cryptocurrencies. With the company showing such a robust commitment to guaranteed daily returns, it means that their algorithm could have anticipated this volatility.

Based on metrics reported by the SIFR Data company that focuses on crypto analytics, the current crypto volatility within the industry has gone down over the last few months. Data shows that the volatility indexes of most coins, including BTC, XRP, ETH, XMR, LTC, and DASH are lower since the beginning of the year. Hence, Stockholm IT’s CEO noted that Bytemine was guaranteed to generate positive results despite market volatility, which has reduced significantly.

Conclusion

Following the plenty of failed ICOs over the last year, most investors are very vigilant. The statement by Bytemine’s management regarding guaranteed daily returns warrants due diligence for any investor interested with it. Also, a regulatory review will likely be necessary to prove these claims.