Later today, the first ever cryptocurrency trading fund will close its funding period for its first venture: now, you can allow experts to trade your bitcoins on your behalf, while you watch.
The move, developed and launched by Cryptomen in conjunction with the Canadian Bitcoin Embassy, aims to provide a one-of-a-kind cryptocurrency investment service with as much control given to investors themselves as possible. Cryptomen explained in a statement regarding the launch:
“Our revolutionary system is incredibly simple, transparent and exciting, but the best part of all is it is completely free to get involved.”
The investment service works via a funding period during which users contribute BTC to the fund. The fund is then traded as a lump sum by professional investors, with progress viewable by contributors at all times. The investors themselves are also contactable for discussion. Following the trading period, proportionate balances are transferred to contributors, minus a 25% fee levied on any profits.
“This system ties your interests to that of our traders so we are all working towards the same goal; maximizing profits,” Cryptomen adds.
The 30-day funding period for the first investment fund, CryptoFund CF01, is due to end today. Cryptomen has ambitious expansion plans for the future, with CF01 being only the start of multiple funds due to run afterwards. There is even a plan for ‘codenaming’ each fund after a monkey flown to space.
In addition to the investor-driven trading, Cryptomen will also unveil its proprietary trading tool, dubbed Cryptobot, during the first trading session. The device will run in two modes: ‘low-risk’, where fiat will be traded, and ‘high-risk’, which will involve trading “relatively riskier altcoins.” Cryptomen also states that the Cryptobot will be “monitored and tweaked” during use to ensure optimal performance.
“However, the most speculative trades will be carried out by experienced human traders,” it states.
So far, 51BTC has been raised for the Cryptofund CF01, with the funding period having been extended for 48 hours to maximize security and exposure.
“The amount is not as important to us as the opportunity to grow our client base and build trust within the greater crypto-currency community,” the Cryptomen team explained about the extension. “With our performances, and the transparency of this project, we will be in a better position to manage BTC for our clients.”
For those interested in the nuts and bolts of an interesting addition to the Bitcoin trading industry, Cryptomen’s whitepaper is available here.
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The move, developed and launched by Cryptomen in conjunction with the Canadian Bitcoin Embassy, aims to provide a one-of-a-kind cryptocurrency investment service with as much control given to investors themselves as possible. Cryptomen explained in a […]