First Crypto ETF is to launch a pre-ICO before embarking on a full coin sale. The firm writes that this is the first ETF in the crypto-currency and plans to buy 10 crypto-currencies with high liquidity and daily trading volumes.
First Crypto ETF’s portfolio will include Bitcoin, Ethereum and Litecoin as well as Zcash and Monero. Against this package, a token will be issued that can be traded on crypto-currency exchanges worldwide, the firm says.
Trading will also take place over peer-to-peer platforms, with day-to-day operations controlled by technology – the Authorize Engine – running on proprietary hardware infrastructure and algorithms.
The firm says that the First Crypto ETF offers new possibilities for daily traders, beginners and portfolio managers alike. Active traders will experience a reduction in daily trading costs, and beginners and portfolio managers will be able to obtain an easier way to enter the crypto-currency market. In turn, this will provide liquidity to crypto-currency exchanges and boost daily trade volumes.
“This is a minor revolution,” says Peter Vrabel, Chief Executive Officer of First Crypto ETF. “Thanks to First Crypto ETF, the general public will gain access to the world of crypto-currencies. This product allows anyone to obtain several crypto-currencies using a single token tradable in crypto-exchanges worldwide.”
Secondary access will be provided using a unique product, named the Black Card, which can be purchased on First Crypto ETF’s website using a debit or credit card. First Crypto ETF reports that it received a positive response to the completion of its first private round of sales. Now it is launching a pre-initial coin offering. This will be followed by an ICO. The tokens offered in these rounds are made more attractive as First Crypto ETF provides a guarantee to hold regular buybacks once the platform is launched and introduced to the market.
First Crypto ETF also offers a high level of transparency to the entire crypto community, the firm says, with its operations audited by one of the big four accountancy firms – KPMG, Deloitte, EY or PwC.
“We are in close dialogue with these companies,” says Vrabel. “Once the ICO process is complete, we will sign a contract with them.”