Building on its groundbreaking work on Asia’s first tokenized fund in September 2019, Sidley’s market-leading investment funds team has advised MaiCapital Limited, a fund manager licensed by the Hong Kong Securities and Futures Commission, and MaiBlocks Technology, a Blockchain technology service provider and winner of the MIPIM Startup Competition at MIPIM PropTech Asia 2020, on the trailblazing establishment of a tokenized Bitcoin-themed quantitative fund. The fund will invest in a range of asset classes, including Bitcoin and Bitcoin-related derivative products. Dealings in the fund may be transacted in cryptocurrency and fiat currency.
This is the first actively managed hedge fund in Asia to be tokenized and the first tokenized fund in Asia to feature cryptocurrencies as an asset class. Interests in the fund are recorded on the Blockchain and the investors are issued digital certificates (tokens) that represent their equity interests in the fund. This is built on an Ethereum-based protocol which utilizes blockchain technology.
The Sidley team advising MaiCapital Limited was led by partner Joy Lam (Hong Kong) and included associates Jason C.H. Chan (Hong Kong) and Deanna Liu (Hong Kong).