Bitwise launches fund for Ethereum scaler Polygon

Crypto index fund manager Bitwise Asset Management has today unveiled the Bitwise Polygon (MATIC) Fund, offering investors exposure to MATIC through a managed investment product.

The Polygon fund is Bitwise’s latest to be released this year following the inception of other funds including the Bitwise Uniswap (UNI) Fund, the Bitwise Aave (AAVE) Fund and the Bitwise DeFi Crypto Index Fund.

With more than $1.5 billion in Assets Under Management (AUM), Bitwise remains the largest global crypto index fund provider and has seen great success following its launch in 2017.

One of its most popular products is the ’10 Ex Bitcoin Crypto Index Fund‘, which provides exposure to ten leading cryptocurrency assets such as Ethereum and Cardano while excluding Bitcoin.

The Bitwise Polygon Fund is now currently available to accredited investors via a private subscription-  with a $10,000 minimum investment needed to enter the fund.

Bitwise intends to pursue public quotation of the fund via the ‘OTCQX’ ticker. The custodian of the Fund is Coinbase Custody.

Matt Hougan, Chief Investment Officer at Bitwise, commented on Polygon’s rise in popularity and why Bitwise has implemented a Polygon fund.

“With the new Bitwise Polygon Fund launching today, we’re excited to continue helping investors gain access to the expanding set of opportunities emerging in crypto,” he said.

“Many are working on Ethereum competitors to solve this, but Polygon has seen breakthrough traction with a uniquely complementary solution that boosts Ethereum’s speed and efficiency. Investors have been asking about this rising star.”

Polygon has recently risen in popularity due to the low transaction fees and high speeds it offers – especially in the DeFi and NFT spaces.

The blockchain now secures $4.69b in total value locked (TVL) across the burgeoning DeFi space and has also seen a flurry of market activity which has taken the price of MATIC to $1.46 and an almost $10b market cap.