🛑📢🔥The curious case of India’s first crypto mutual fund.
A startup based out of Bengaluru called Bitsave says it has launched India’s first ‘crypto mutual fund’, with about $200,000 in assets under management as of 1 May. The startup’s star offering is its ‘BitSave Crypto Index’ product, a passive fund that replicates the weights in the Bloomberg Galaxy Crypto Index, or BGCI Index.
Unlike mutual funds, this particular fund is neither regulated by the Securities and Exchange Board of India, nor governed by the many rules that safeguard ordinary investors in mutual funds.