National Bank of Bahrain launches a Bitcoin investment fund
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The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund. The fund offers accredited investors exposure to Bitcoin as a capital-protecting option. Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance. The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin. This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. National Bank of Bahrain collaborating with APR Digital In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin. Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.” This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities. Boost for Bitcoin adoption in Bahrain As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain. The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million. Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space. Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies. Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to…
Filed under: News - @ October 7, 2024 4:26 pm