IronChain Capital today announced the launch of two innovative mutual fund-like cryptocurrency index funds: IronChain MiX10 and IronChain MiX10 Institutional (the “Funds”). Both Funds will track the MiX10 Index, a market cap weighted index that tracks up to the 10 largest cryptocurrencies.
The new family of cryptocurrency index funds offer daily liquidity, broad diversification, and institutional-grade security and custody for only a 1% management Fee. IronChain also announced that it will waive the management fee for one year for investors that set up an account by June 30, 2018.
In conjunction with the launch of its two Funds, IronChain has also completed a $2.5 million seed round of capital raising led by Matrix Partners in partnership with Montage Ventures and Draft Ventures.
The capital will be used to strategically build out IronChain’s platform and suite of offerings.
Founded in 2017 by Jonathan Benassaya (CEO), the San Francisco, California-based IronChain Capital is a next-generation digital asset investment firm that is singularly focused on providing both retail and institutional investors with easy and secure access to cryptocurrencies on a highly cost-effective and diversified basis.
The firm offers a diverse suite of services, including brokerage accounts, investment products, portfolio management and trading solutions.
Prior to founding the Ironchain Capital, Benassaya was an Entrepreneur in Residence at the venture capital firm Matrix Partners.
Throughout his career, Mr Benassaya founded or co-founded multiple companies.
In 2005, he founded MagicParty in Paris as the first in-game advertising network in China which he sold in 2006 to NGI, a Beijing-based marketing company.
In 2007, Mr Benassaya founded Deezer, the first legal music streaming platform, and held the position of Chairman and Chief Executive Officer until 2010. Deezer, a competitor to Spotify, was the first startup company to sign licensing deals with the major music labels and publishing companies to offer free and ad-supported music streaming.
Accredited investors and qualified purchasers can directly invest in the Funds in USD, Bitcoin and Ether on a daily basis through IronChain’s website, providing for an efficient process and intuitive investing experience.
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The Funds benefit from a hybrid liquidity pool that combines exchange aggregation and OTC desks. The Firm also leverages its network of custodians and technology partners, including Kingdom Trust, Ledger and Xapo, to provide investors with best-in-class asset security.
“The disruptive nature of cryptocurrencies and the blockchain technologies at a global level is real, but poses an important challenge for investors to obtain exposure,” said Jonathan Benassaya, CEO and Founder of IronChain.
“Our mission is to build the first full-service investment platform dedicated to cryptocurrencies that provides easy access to the most liquid digital currencies. We believe our first two Funds will be a game changer in helping to further institutionalize the digital asset industry.”
IronChain is led by a highly experienced executive management team comprised of technology entrepreneurs and asset management veterans from many of the world’s leading global financial institutions.
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In addition to its founder, IronChain’s co-founders include Steven Baum (former President/COO of multi-billion dollar hedge funds Ivory Capital and JMB Capital), Michael Yeh (Goldman Sachs, Blackrock/BGI, Charles Schwab) and Dr.
Anton Muehlemann (Wikifolio, Blockchain at Berkeley).