Orange County’s First Cryptocurrency Fund Launches

Palmy, a cryptocurrency management company announced today the launch of its cryptocurrency and Initial Coin Offering (“ICO”) fund, the Palmy Crypto Advantage Fund.

Palmy Crypto Advantage Fund is a $25 million open end fund offered to accredited investors. The Fund will capitalize on the market fragmentation of the rapidly expanding cryptocurrency sector which is closing in on a trillion-dollar market cap.

“While interest has been growing significantly, crypto-assets are still in the early stages of adoption and development as an asset class. Access to the sector is still difficult and limited” said Palmy CEO Ryan Knott. There are still many misconceptions in the cryptocurrency world with most people thinking the market is just Bitcoin, when in fact, Bitcoin only represents about 30% market share down from approximately 80% a year ago. Alt-coins such as Ripple, Stellar, Ethereum and others make up the balance of the other 70% of the market. Bitcoin and Alt-Coins are built on what’s known as a decentralized open-ledger blockchain platform. In layman’s terms, blockchain, is a continuously growing list of records, called blocks, which can be added to but not erased and are linked and highly secured using cryptography.

Some of the world’s largest financial institutions and corporations are starting to take note. IBM recently partnered with Stellar to offer the equivalent of a PayPal platform while American Express announced a partnership with Ripple. Banking institutions like UBS and Banco Santandar are adopting blockchain technology to enable cross-border transactions in seconds versus days that are more secure and less expensive. Facebook’s CEO, Mark Zuckerberg, just announced his plans to enter into the sector “to take power from the centralized systems and give it to the people” via…

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