Earlier this week, the CEO and founder of Facebook, Mark Zuckerberg, answered a series of questions from the US House Financial Services Committee.
The hearing was supposed to focus on the development of Libra (Facebook’s planned cryptocurrency) – and how the social media giant will meet the highest standards of security and stability.
Unfortunately, what transpired was something very different.
Instead of informed questions about Libra’s technology and governance structure, many members of Congress used their time to push irrelevant political talking points, while others made statements that displayed a worrying lack of cryptocurrency knowledge.
You can watch a replay of the testimony on YouTube. It’s a long watch – but 10 minutes of viewing will tell you everything you need to know about the level of questioning.
Why does this matter to prospective crypto fund managers? Well, it’s simple. I think it highlights a broader issue with cryptocurrencies. Namely, that many in positions of power (both in governments and financial institutions) do not understand how they work.
It’s why fund managers that want to enter the crypto space need a first-class network of institutional contacts. Fortunately, this is an area where IFINA can help. We have established relationships with institutions (including banks and brokers) that understand cryptos..
If you’re want to launch your own crypto fund, there’s still time to launch on our dedicated Crypto Fund Platform in January 2020. The setup cost is just $12,000 USD.
Want to know more about how IFINA can help you set up a cryptocurrency fund? If you do, we should have a Skype call. Just email me back and we can book a time that’s convenient to you.