Thanks to Bitcoin prices hitting above $1000 last month, it has triggered a ripple effect of demand in other digital currencies (the Altcoins ). As a result many an alt-coin went from being unknowns to hot commodities. While it took bitcoin four years for its float of currency to be valued over $1 billion, riding the wave of the digital currency frenzy among speculators, litecoin also achieved ‘one billy’ status; needing only two years (but has since dropped below that level).
Due to the price appreciation, it has led to a whole new set of investors looking to stash away part of their assets in a wide array of alt-coins. Aiming to meet this demand, Hub Culture, the creators of the ven currency have recently announced the launch of the Digital Asset Master Asset Syndicate Fund. Offered through Hub Culture, the fund invests in an equal weighting in five digital currencies; bitcoin, namecoin, litecoin, ven, and ripple.
If you aren’t familiar with ven or Hub Culture you can check out a post we wrote about them on the Forex Magnates site. The short of it is that ven is a digital currency that was created to be used among Hub Culture members to swap and pay for various activities and goods. In a way, it’s similar to buying tokens at an arcade which can’t be converted back to cash but became the currency to play games at the venue. In this regard, ven is a suped up version of arcade tokens that is backed by actual currency and commodities and can be used around the world at various Hub Culture locations. Recently, Hub Culture has been working with its financial partners to make ven tradable by allowing two-sided conversions. In this regard, it is currently available as a tradable asset on the Kraken bitcoin exchange.
Among the list of ven goods, Hub Culture has been offering investments in an array of funds. Their first dip into digital currency investing was the launch of a ven/bitcoin fund earlier this year followed by ripple/ven. Each of those invested 50/50 in each of the currencies. Following the rise in prices of each of these funds, it led to the current creation of a multi-digital currency fund. Markeing the product, Hub Culture announced that “that Syndicate takes the hassle and risk out of buying Digital Assets for average users, with secure offsite/offline storage of assets and stable holdings related to Ven itself.”
As mentioned above, the Digial Asset Master Syndiate Fund will invest in equal weighting among five digital currencies. The fund holds a 12 month minimum hold time with an option for transfers to digital wallets at withdrawal. Like traditional funds, the the Digital Master fund comes with a minimum investment of 20,000 ven (@ $1960).
