- Spain-based private banking firm A&G, with $14B in managed assets, initiates the country’s first crypto fund.
- The fund, audited by PwC, is designed for professional investors and marks a significant step in Spain’s evolving crypto landscape.
In a milestone event for Spain’s financial sector, the prominent private banking firm A&G, boasting €12.4 billion ($14 billion) in managed assets, has announced the launch of the nation’s inaugural crypto fund. This development marks a historical turning point in the Spanish financial landscape as the crypto asset class gains increased institutional acknowledgement.
Bridging the Gap for Professional Investors in Spain
A&G, renowned for its dedication to private banking, is the driving force behind the first crypto hedge fund under Spanish jurisdiction. The fund is designed with professional investors in mind, according to an official statement released by A&G.
CACEIS, an asset servicing banking group belonging to Crédit Agricole and Santander, has been entrusted as the depositary for this trailblazing fund. The globally reputed auditing firm PwC will provide auditing services, ensuring the fund operates within compliance and maintains the highest levels of transparency.
Diego Fernandez Elices, the Chief Investment Officer at A&G, articulated the firm’s vision for this initiative.
“We see it as an optimal solution for any European professional investor keen on navigating the world of cryptocurrencies. Nonetheless, it’s essential to remember that this is a very high-risk fund,”
In a broader perspective, this launch marks an exciting chapter in Spain’s burgeoning relationship with digital currencies. The Bank of Spain ventured into the crypto space in 2022, issuing licenses for companies offering services in the exchange of virtual currency for fiat currency and the custody of digital wallets. This opened the door for companies like Bit2Me, Bitstamp, BVNK, Crypto.com, and Ripio, highlighting the bank’s proactive approach towards crypto engagement.
Further emphasizing Spain’s escalating involvement with digital currencies, the Central Bank disclosed plans in December 2022 to kickstart a wholesale Central Bank Digital Currency (CBDC) project. The initiative sought proposals from financial institutions and tech providers, showing a readiness to integrate digital currency within Spain’s financial architecture.
The move by A&G represents a significant leap forward for Spain’s crypto market, illuminating the possibilities and potential the crypto asset class holds for both the banking sector and professional investors.