CMCC Global to Tokenize Bitcoin Fund Offerings With Tether, Bitfinex Securities
Digital-asset investment manager CMCC Global is partnering with Tether and Bitfinex Securities to tokenize Bitcoin investment funds.NewsBTC reported on October 24 that CMCC Global plans to issue tokenized versions of two existing funds it manages.The funds are Crest and the Liberty Bitcoin Accumulation Fund, or LBAF. Crest aims to outperform yields on short-term US Treasuries in US dollar terms. LBAF targets annual net returns of 8% to 12% in Bitcoin terms.The tokenization will use Tether's Hadron platform, which will issue and manage digital tokens representing fund interests. Bitfinex Securities will support token issuance, distribution and secondary-market trading.The issue price was set at $10 per token for Crest and 0.0001 BTC per token for LBAF. Investors must complete know-your-customer and anti-money laundering procedures and hold the tokens in approved self-custody wallets.Institutional investor BTCS S.A. will also participate as an early investor. The size of its investment was not disclosed.