PANews reported on August 28 that according to CoinDesk, crypto bank Xapo will work with Hilbert Capital to manage a Bitcoin-denominated hedge fund with an initial capital of $200 million. The fund will be launched in September and will be open to enterprises, commercial institutions and professional investors. Xapo director Joey Garcia said the move is intended to provide participants with not only Bitcoin price exposure, but also a structured way to increase the value of Bitcoin investments. The fund's fees will be lower than traditional hedge funds with a 2% management fee and a 20% performance fee.