Gemini to Serve as Custodian for Filecoin Fund of Australian Equities Manager

The fund seeks to raise A$25 million ($18.4 million) over a three-month period, promising clients a 100% FIL return over five years.

AccessTimeIconAug 4, 2021 at 9:26 a.m. UTC
Updated Sep 14, 2021 at 1:35 p.m. UTC

As part of its expansion into Southeast Asia, U.S. cryptocurrency exchange Gemini is teaming up with an Australian equities manager to serve as the custodian of a fund that's based on the filecoin (FIL) cryptocurrency.

  • Sydney-based Holon Global Investments says it's a "global equities manager focused on innovation and investor aligned wealth management."
  • Holon's Wholesale Filecoin Fund will be managed by the exchange's regulated custody service, according to a press release on Tuesday.
  • The fund seeks to raise A$25 million ($18.4 million) over a three-month period, promising clients a 100% FIL return over five years with a 0% management fee.
  • FIL is the native token of the decentralized data-sharing Filecoin network.
  • "The fund was designed to give investors an opportunity to invest in a unique asset," Eugene Ng, Gemini's head of business development for Asia Pacific, told CoinDesk. "This allows investors to diversify their portfolios and also receive an attractive rate of return."
  • In order to generate returns, the companies say the fund will purchase FIL and lend the token to a Holon subsidiary.
  • "For every Filecoin Holon Innovations borrows from the fund, it will pay the fund two filecoins at maturity. This structure gives investors a return on their investment in the form of additional filecoin," Ng said.
  • Gemini said the partnership is part of its push into Southeast Asia that began in earnest at the start of last month.

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