CMCC Global to Tokenize Bitcoin Funds With Tether, Bitfinex Securities

Digital-asset investment manager CMCC Global is partnering with Tether and Bitfinex Securities to tokenize Bitcoin investment funds.

CMCC Global plans to issue tokenized versions of two existing funds it manages, digital-asset news outlet NewsBTC reported on October 24.

The funds are Crest and the Liberty Bitcoin Accumulation Fund, or LBAF. Crest targets returns above short-term U.S. Treasury yields in U.S. dollar terms. LBAF targets annual net returns of 8% to 12% in Bitcoin terms.

Tether’s tokenization platform, Hadron, will be used for the issuance. The platform will issue and manage digital tokens representing fund interests. Bitfinex Securities will support issuance, distribution and secondary-market trading.

The token issue price was set at $10 each for Crest and 0.0001 BTC each for LBAF. Investors must complete identity verification and anti-money laundering checks, and will be able to hold the tokens in approved self-custody wallets.

Institutional investor BTCS S.A. will also participate as an early investor. The size of the investment was not disclosed.