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OpenFinance Network Adds Crypto Hedge Fund ‘Protos’ to its Platform
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As of July 9th 2019, OpenFinance Network (OFN) has officially integrated cryptocurrency hedge fund Protos with its platform. Protos is the first tokenized hedge fund, and will be traded as PRTS.
OpenFinance Network and Crypto Hedge Fund Protos Explained
OFN claims to be the first U.S. regulated trading platform for digital assets. Several security tokens are already available to qualified U.S. investors and verified non U.S. investors.
Now, eligible OFN users will be able to invest in the cryptocurrency hedge fund Protos. The fund claims to hedge on crypto’s volatility, by bringing “profit opportunities in the digital token and cryptocurrency market while limiting losses and risk during periods of volatility or general downturns”.
Protos will trade with token symbol PRTS. The company launched its own Security Token Offering (STO) back in 2017.
According to OFN CEO Juan Hernandez, Protos represents the first tokenized hedge fund:
“We’re excited to announce that we have added Protos (PRTS), the first tokenized hedge fund, to the Openfinance ATS platform.”
Hernandez also added,
“The Protos Asset Management team has been working actively on their product offering for some time. While we currently have assets such as Blockchain Capital (a SF venture capital fund), hedge funds are a longstanding traditional asset class that are now available to investors in a digital format.”
Besides investment funds, an increasing number of regulated financial assets are experiencing the benefits of Distributed Ledger Technology (DLT).
These include equity, real estate, and traditionally illiquid assets such as fine art.
What do you think of OpenFinance Network integrating Protos? Let us know your thoughts in the comments section below.
Image courtesy of OpenFinance Network.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
