San Francisco-based digital asset management firm – Bitwise Asset Management – has announced the launch of its Bitwise Polygon (MATIC) Fund.
According to an official press release shared with CryptoPotato, the Fund will serve as a professionally managed investment vehicle that will give Bitwise’s wealthy clients access to MATIC, the Polygon network native cryptocurrency.
The firm noted that only accredited Bitwise clients can qualify for private placement subscriptions to the new product, with a minimum investment of $10,000 and weekly redemptions.
A Rising Star
Commenting on the development, Matt Hougan, the Chief Investment Officer at Bitwise, said the firm chose to launch a Fund for MATIC because of Polygon’s breakthrough in solving Ethereum’s inability to single-handedly cater for all the most promising use cases of cryptocurrencies, including DeFi and NFTs.
“For years, the excitement around crypto’s most promising use cases, including DeFi and NFTs, has been muted by the fact that Ethereum simply isn’t built to handle it all yet. Many are working on Ethereum competitors to solve this, but Polygon has seen breakthrough traction with a uniquely complementary solution that boosts Ethereum’s speed and efficiency.
Investors have been asking about this rising star. With the new Bitwise Polygon Fund launching today, we’re excited to continue helping investors gain access to the expanding set of opportunities emerging in crypto.”
As the network continues to grow, Polygon has welcomed top DeFi and NFT projects, including OpenSea and Aave, to its ecosystem. The exorbitant gas fees and scalability issues faced by the Ethereum blockchain have prompted these protocols to make the move.
Polygon’s co-founder, Sandeep Nailwal, also commented on the milestone, saying:
“We’re thrilled that a broader range of accredited and institutional investors will now be able to gain exposure to the MATIC token and help encourage greater development of the Polygon ecosystem. Polygon has become one of the most vital building blocks of Web3. Inclusion within Bitwise’s suite of funds serves as a great indicator of our work and progress so far.”
Taking MATIC Public
Bitwise is also looking forward to taking the Polygon Fund public under the ticket “OTCQX” when and if it is eligible. Additionally, Coinbase Custody Trust Company, LLC, will act as a custodian of the Bitwise Polygon Fund.
The asset manager currently has over $1.5 billion in assets under management (AUM) and had released several other Funds earlier this year, including the Bitwise Uniswap Fund, the Bitwise DeFi Crypto Index Fund, and more.