New York-based investment and asset manager Wilshire Phoenix has teamed up with crypto storage solution Coinbase Custody to launch a $500 million institutional fund focused on Bitcoin. Coinbase Custody is a unit of Coinbase, the world’s largest cryptocurrency exchange.

In a statement, Whilshire Phoenix said the fund, which is structured as a statutory trust, is expected to be launched by year-end and will allow investors exposure to Bitcoin. However, the fund will utilize a novel approach to mitigate some of the challenges involved from the volatile price movements of Bitcoin, unlike similar funds that have exposure to Bitcoin or other cryptocurrencies.

“Coinbase Custody provides Wilshire Phoenix a best in class platform on which to securely store digital assets,” Wilshire Phoenix founder and CEO Bill Herrmann said. “They are steadfast in the…

This article appeared first on Cryptovest

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