Zeniex (CEO Choi Kyung-joon), which is a South Korean-Chinese joint cryptocurrency exchange, announced that it is looking to issue a new fund-type exchange token called ‘ZXG’.
ZXG is an ERC-20 token based on South Korea’s first cryptocurrency fund called ‘ZXG Crypto-Fund No.1’. ZXG is expected to be listed on Ethereum (ETH) markets sometime this month.
Zeniex is planning to carry out public participation of ZXG No.1 with total of 1,000 ETH. It is going to receive applications starting from 10 A.M. on the 12th and start operating the fund on the 19th. Although expected duration will be a year, it is possible that Zeniex adjusts this duration to maximize profit. When ZXG is about to mature, ETH or ICO (Initial Coin Offering) investment coins that correspond to amount of tokens owned can be received. When repayments of fund are completed, entire ZXG tokens will be burnt up.
Money for the fund will flow to distribution markets. About 80% of this money plans to be focused on an ICO project that will be difficult for individuals to approach easily. Promising projects under guidance of a Chinese blockchain VC (Venture Capital) called ‘Genesis Capital’ will be dug out.
Rest of 20% will be invested into cryptocurrency trades. ‘Alpha Partners’, which specializes in operation of crypto-assets, will have a command of strategies such as econometric analysis, arbitrage trading, and investment based on business events.
Current state of how money for the fund is going to be used will be available clearly. Zeniex is planning to show changes of formation of its portfolio on its homepage every week.
“ZXG No.1 is the first cryptocurrency fund in South Korea and it will be a great help for individual investors through professionalism and network of investment organizations and trading strategies from experts in crypto-asset investments.” said CEO Choi Kyung-joon of Zeniex. “Anyone can make fund investments at an exchange as ZXG No.1 is the world’s first cryptocurrency fund token.”
Staff Reporter Ham, Jihyun | goham@etnews.com