Monochrome Bitcoin Fund Approved by Praemium for Private Wealth Clients
BRISBANE, November 9, 2021 – Wealth management platform Praemium has approved Monochrome’s flagship product on the Powerwrap product suite providing wholesale investors in Australia leading access to a pure bitcoin fund via an IDPS-like scheme, supported with complementary research and education.
Monochrome is pleased to announce another milestone on the path to digital asset approvals in the Australian advised market as its flagship offering, the Monochrome Bitcoin Fund (MBF), is now available to wholesale investors via the Powerwrap product suite.
Powered by Praemium’s innovative, institutional-grade platform with over $170 billion in funds under administration, Powerwrap is a market-leading product suite for Private Wealth, Managed Accounts and non-custodial investment solutions.
“With consumer demand for digital assets on the rise, Praemium has stepped forward as the first-movers to support regulated investment vehicles offering investment-grade exposure to bitcoin via the Monochrome Bitcoin Fund,” said Jeff Yew, CEO of Monochrome.
The MBF is a capital growth fund for wholesale investors seeking a familiar investment vehicle that closely tracks the price of bitcoin, issued via an Information Memorandum.
Praemium’s Head of Investment Managers & Governance, Damian Cilmi said “Monochrome is setting the standard for exposure to digital assets in Australia and we are excited to be able to offer this investment opportunity to our wholesale clients via the Powerwrap product suite.”
This approval complements the firm’s recent launch of Monochrome Research - a dedicated digital asset research and education division designed to meet the growing need for knowledge on the nascent asset class.
“There is growing interest in the high net wealth investor segment for cryptocurrency investment opportunities and the formation of Monochrome Research shows industry-defining leadership on building knowledge and education around this space,” Mr Cilmi added.
With access via a familiar investment vehicle, Powerwrap users are able to easily incorporate bitcoin exposure into portfolios via MBF units.
The Monochrome Bitcoin Fund is now available via the Powerwrap product suite.
Praemium is an award-winning leader in the provision of integrated Managed Accounts Platform technology and solutions. Our platform solution, including custody and non-custody and private wealth solutions has grown in usage in 20 years to almost 1,000 financial institutions and over 300,000 investors, covering more than $170 billion in investment assets globally.