DLT Financial and Tramonex to Launch DLT10, a Fund Tracking Index of 10 Cryptocurrencies | Coinspeaker

DLT Financial and Tramonex to Launch DLT10, a Fund Tracking Index of 10 Cryptocurrencies

| Updated
by Polina Chernykh · 3 min read
DLT Financial and Tramonex to Launch DLT10, a Fund Tracking Index of 10 Cryptocurrencies
Photo: Tramonex

The London-based blockchain startup, DLT Financial, and fintech company Tramonex have announced plans to launch a new index that will track the performance of leading virtual currencies.

DLT Financial, together with Tramonex, is going to launch the first fund to track DLT10, a new financial index of ten main virtual currencies in the upcoming weeks. The index covers ten different cryptocurrencies, including bitcoin, ether, dogecoin, litecoin, factom, stellar, and ripple.

The company hopes the launch of the fund will make digital currency more attractive for investors.

DLT Financial was rebranded from Tramonex, the UK-based fintech startup offering online international payment services. Earlier this year, Tramonex secured a $333,000 grant from the UK government to build a new prototype for cross currency payments using the blockchain technology.

“Tramonex is very pleased to collaborate with DLT Financial for the launch of its DLT10 index and fund,” said Amine Berraoui, CEO of Tramonex. “We see this as a continuation of Tramonex’s role in bridging the traditional and institutional side of finance with innovative technology. Our main goal is to position crypto-currencies as a new asset class for the investment community, and to provide greater access to this still complex and opaque investment class, and DLT Financial is taking a further in this direction.”

DLT Financial expects the launch of the tracker fund will drive investments in digital currencies, making it easier to acquire cryptocurrencies.

“We’re really looking to bridge the gap between the existing blockchain world of tech and the more traditional institutional investment community,” said Dave Askey, co-founder of DLT Financial and Tramonex’s CTO.

“Currently it’s really very hard to invest in these assets as a pretty deep technical knowledge is needed to buy and manage them. We want to bring (them) to the wider community.”

Many investors consider virtual currency to be a risky investment. Multiple hacks and security breaches that affected bitcoin exchanges over the last few years scare away potential investors.

Last month, Hong-Kong-based trading platform Bitfinex suffered a major hacking attack that resulted in a loss of about 120,000 bitcoins. A few months ago, another Hong-Kong-based exchange Gatecoin lost over $2 million in digital currency as a result of a huge cyber attack.

The largest hack ever occurred in 2014 in Tokyo, when cryptocurrency exchange Mt. Gox announced it had lost $450 million of bitcoins. All these events have destabilized people’s faith in digital currency.

DLT Financial noted the fund will use deep cold storage, what will reduce the risk of hacker attack or digital currency theft as all investments will be kept offline and stored in hard drives.

Altcoin News, Bitcoin News, Cryptocurrency News, News
Related Articles