JTC, in partnership with law firm Carey Olsen and investment manager Global Advisors Holdings, is to provide fund administration and corporate services to one of the world's first regulated crypto-denominated funds.
CoinShares Fund I, which launched on 23 June, is a self-managed fund that will receive investment exclusively in Ether, the ‘crypto-fuel’ that runs the Ethereum platform.
The fund will then trade cryptocurrencies and other tokens – or ‘coins’ – including participating in selected initial coin offerings (ICOs).
ICOs are the crypto-alternative to the Linux or Mozilla Foundations, and represent a form of capital raising increasingly used by entrepreneurs in the crypto arena, regularly inviting comparison with traditional venture capital or crowdfunding.
The fund will be regulated under Jersey's new Private Fund Regime for funds operating with a small number of investors.
Legal advice in establishing the fund was provided by Carey Olsen in Jersey, with support from Chadbourne & Parke in New York. JTC will provide a range of services, including directors, company secretary, fund administration, fund accounting and investor reporting.
Partner James Mulholland led the Carey Olsen team, assisted by Counsel Chris Griffin.