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Australia : FIRST dedicated bitcoin fund launches in AUSTRALIA.

Future Capital Bitcoin Fund invested US $30 million to launch Australia s first dedicated bitcoin fund.

The fund is sourcing opportunities internationally for companies facilitating payments, trading, exchanges, and smart property rights based on Bitcoin and other crypto-currencies.

It is accepting investments in US dollars, Australian dollars, Renminbi (Chinese currency) and bitcoin. Companies interested in applying for investment from the fund can send their expression of interest.

Holger Arians, investment manager will manage applicants, with support from Remco Marcelis, fund manager.

Investors will be able to gain tax free returns on capital accounts and income, as the fund is conditionally registered as an Early Stage Venture Capital Limited Partnership under theAustralian Venture Capital Act 2002.

Domenic Carosa, chairman and cofounder of the FCBF said, "Australia has low sovereign risk and a globally trusted financial system. We view the emerging Bitcoin ecosystem as an investment opportunity that has transformative potential across a raft of social, technology-based and cultural applications and we see great scope for the broader adoption of Bitcoin and its related applications to redefine the global payment status quo.

Earlier in 2014, Australian Bitcoin ATMs announced therollout of Australia s BitAccess ATM Bitcoin Machineswhere users can withdraw cash from their Bitcoin accounts and bouy bitcoins for cash. There are no usage or account fees, and a bitcoin can be divided to 8 decimal places so a user can buy or sell fractions of a bitcoin.

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Publication:Mena Report
Geographic Code:8AUST
Date:May 5, 2014
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