A&G, a Spain-based banking entity focused on private banking, has announced the launch of the first crypto fund under Spanish jurisprudence. The firm, which had €12.4 billion ($14 billion) in assets under management as of the end of 2022, has made the hedge fund accessible to professional investors. CACEIS, the asset servicing banking group of Crédit Agricole and Santander, will act as depositary, while PwC will audit the fund.
We consider it an optimal solution for any European professional investor who wants to approach the world of cryptocurrencies, without forgetting that it is a very high-risk fund, said Diego Fernandez Elices, Chief Investment Officer at A&G.
In 2022, the Bank of Spain began issuing licenses for providers of services for the exchange of virtual currency for fiat currency and the custody of digital wallets, with companies such as Bit2Me, Bitstamp, BVNK, Crypto.com, and Ripio acceding. Later that year, the central bank of Spain announced plans to start a wholesale central bank digital currency (CBDC) project, and asked financial institutions and tech providers to submit proposals for the initiative.