The bitcoin investment trust may become the first UK exchange to trade bitcoin and ether, as well as gold and silver
Trust investment company Fortress Investment Group is set to launch a bitcoin investment scheme for institutional investors.
The trust, which is based in London and operates as a subsidiary of investment firm KKR, plans to open its first exchange in the UK on August 18.
It will be the first bitcoin and Ethereum trading platform in the country and the first exchange to be based in the United Kingdom, Fortress Investment said in a statement.
The company is investing more than $250 million in the exchange, including a $50 million commitment from hedge fund Elliott Management, according to a press release.
The firm is working on the exchange’s bitcoin trading platform.
The platform will allow investors to trade the crypto currency and other digital assets in a highly transparent and secure way, and Fortress Investment will be providing the infrastructure to make the exchange work.
Fortress Investment is also set to invest up to $250m in the Ethereum exchange.
The bitcoin and cryptocurrency trading platforms will allow institutional investors to buy and sell bitcoins and ether at the exchange and buy and hold them on the platform.
This will allow them to diversify their portfolios by buying and selling multiple currencies.
The exchange will have a cash-to-stock ratio of 2:1, which means investors will get a 25 per cent return on their investment and a 10 per cent premium on their daily trading volume.
The value of a bitcoin has surged more than 400 per cent over the past two years and surpassed $1,000 on the Tokyo-based Mt Gox exchange.
However, Fortress Investors’ investment is aimed at the investment community, with a target of around $50 billion by 2020.
The currency is a digital form of money that is exchanged for cash, so it does not involve the use of physical coins.
The currency is widely accepted as a store of value, as it is also a store on a blockchain that is decentralized.
In addition to the bitcoin, the exchange also aims to invest in other digital currencies such as ether, ethereum and dash, which are based on the blockchain.
The exchange is also working on an exchange for ether, the blockchain-based currency.
The crypto-currency has grown in popularity over the last year, but its price has been rising as a result of the global financial crisis, as the financial system has been severely disrupted.
The price of bitcoin has also been falling over the course of the crisis, but it has been growing by leaps and bounds in the last few months.