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Cryptocurrency mining machines at the home of Dmitry Gutov, a Russian cryptocurrency 'miner,' at Krasnogorsk, Russia, on Thursday, Sept. 7, 2017. Photographer: Andrey Rudakov / Bloomberg
Blockchain developer, Pundi X is partnering Singapore-based Quantum Energy Asset Management (QEAM) to launch a $ 100-million blockchain fund, which is expected to officially launch in January 2019.
According to the official statement, the QEX Fund SP aims to grow the Function X blockchain ecosystem.
Function X is a blockchain under development by Pundi X and supports extending the uses for blockchain beyond financial transfers to include sending and publishing data in a decentralized way without intermediaries.
The hybrid fund will comprise venture capital and private equity assets making up 70 per cent of the portfolio. The remaining portion will be in traditional liquid assets, including listed equities, corporate bonds and alternative assets such as properties and derivatives.
Zac Cheah, CEO of Pundi X, said: "Aside from plans to generate returns, the new potential now open for decentralized communication and data storage on the Function X blockchain".
Vic Tham, CEO of QEAM and Chief Investment Officer of Pundi X said: "We see an immense opportunity for private equity investments in cutting edge technology developments Asia and in industries such as fintech and blockchain. What makes us unique is the power of two – the deep tech and finance investment approach. QEX will be built on that intersection ".
Pundi X is based in Singapore, with offices in London, Jakarta, Sao Paulo, Seoul and Tokyo.
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