Crescent Crypto Asset Management (Crescent) has announced it has partnered with USCF to file a registration statement for a cryptocurrency exchange traded product (ETP), the USCF Crescent Crypto Index Fund (XBET).
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“Crescent’s mission is to create innovative investment solutions that make cryptocurrencies accessible to mainstream investors,” said Christopher Matta, Co-Founder of Crescent.
“USCF has a robust ETP infrastructure and a history of pioneering alternative asset funds. This makes them the ideal partner to accomplish that mission through a differentiated product, which offers better diversification than Bitcoin alone.”
Crescent will act as a co-portfolio manager for the fund providing strategic advisory on cryptocurrency operations, trading, and custody.
The fund will offer investors an index solution to obtain cryptocurrency exposure through a public vehicle.
XBET will track the Crescent Crypto Core II Index (the Index), which USCF has licensed from Crescent’s affiliate, Crescent Crypto Index Services LLC, as its benchmark index.
The Index tracks the performance of a market cap weighted basket of Bitcoin and Ether, which are the largest and most liquid cryptocurrencies covering approximately 65% of the overall cryptocurrency market cap.
“We consider it a privilege to build a relationship with Crescent,” John Love, President and CEO of USCF, commented.
“Their team possesses an incredible depth of market knowledge and their indices and insights are a benefit to investors following the cryptocurrency markets. We look forward to leveraging their expertise as we develop and launch exciting new products.”
Crescent Crypto Asset Management is a digital asset index provider that manages a suite of private index funds for US and offshore investors.
Crescent launched one of the first private index funds in 2017, and continues to develop indices benchmarking the crypto space.
The three founders are Goldman Sachs alumni and have additional experience in venture capital and trading.
USCF operates on the leading edge of product innovation as an asset management firm offering investment products across commodity and alternative asset classes.
USCF currently manages over $3 billion in assets from its headquarters in Walnut Creek, California.