In a move which may prove to have an upward trending effect for cryptocurrencies, earlier in the week, a hedge fund owned by British billionaire Alan Howard announced plans of investing in blockchain and digital assets.

As per published by Bloomberg, Elwood Asset Management, back in the previous year, will try to lure institutional investors into the cryptocurrency space.

Speaking with Bloomberg, Bin Ren, CEO of Elwood said, “The only way for institutions to get meaningful exposure to digital assets has been to buy bitcoin, but many are reluctant or unable to buy bitcoin – and for good reason.’’

The CEO of Elwood further added, “An ETF gives a highly liquid and regulated way to gain exposure. This is the right point to start.’’

According to several analysts closely following the matter, they claim that a majority of institutional investors have backed off from investing in cryptocurrencies due to lack of meaningful regulation, and low transparency on the part of many cryptocurrency organizations.

Notably, when it comes to blockchain technology, the technology which underpins the digital asset, fund managers look at is like a good product to sell to investors.

Hinting at Elwood’s plans to start out by offering investors access to companies working with the revolutionary technology.

However, the company also stated that gradually it will also be providing exposure to some cryptocurrencies, including Ethereum (ETH) and Bitcoin (BTC).

In order to be well equipped for its new set of product offerings, the company has roped in a few experts from the industry, like the appointment of Kevin Beardsley.

According to his LinkedIn bio, before joining Elwood back in September 2018, Kevin Beardsley was a managing director at cryptocurrency liquidity provider B2C2, a company that has done a lot of work in the over-the-counter institutional market.

Significantly, Alan Howard does not look after the day-to-day operations of Elwood on a regular basis even though he owns the company.

As per reports, since 2017, The Brevan Howard co-founder has been investing his own money in the cryptocurrency markets.

Don’t Miss: 20 things about Hedge Fund Manager you may not know