Venture Smart Asia has reportedly rolled out an authorized crypto fund, marking the first of its kind throughout Hong Kong, which looks to secure $100 million under management in the first year. 

Specifically, Arrano Capital – the blockchain-focused division of Venture Smart Asia, has reportedly disclosed the details regarding the introduction of a Hong Kong-based Bitcoin (BTC) fund. 

Venture Smart Asia revealed that it has successfully obtained all required licensing papers to crypto fund by the local Securities and Futures Commission (SFC).

Arrano Chief Investment Officer (CIO) Avaneesh Acquilla reportedly shared that the firm initial efforts only stopped at establishing a fund for tracking, purchasing and selling BTC. Nonetheless, the firm has set a target of $100 million to cross, in digital assets under management for the first year. 

“We decided to launch this fund to address market demand from professional investors who are increasingly focused on Bitcoin as an alternative store of value. Ultimately for Bitcoin to be widely accepted and for people to trust it, there needs to be regulation.”

The CIO reportedly expected that within the year of 2020, it will introduce a second actively managed fund, to handle matters concerning baskets of tokens.