EGW Capital, the blockchain investment bank and wealth advisor to select high networth investors, has made another major announcement that it will add Zilliqa (ZIL) coins to its upcoming US $100 million cryptos exchange-traded fund (ETF), which will trade on the OTC markets, USA. The Nerochain will file Form 10 with the SEC in the next few weeks. The fund will operate similar to Grayscale Bitcoin Trust, one of the largest Bitcoin ETF markets with over US $20 billion in assets under management.
The announcement was made by Rahul Kumar, CEO of EGW Capital, on his Twitter handle (@rahulegw).
The addition of Zilliqa to a US exchange-traded fund will mark its entry into the American financial markets. Zilliqa blockchain technology’s aggressive marketing by EGW Capital may help ZIL coin propel above its all-time high of US $0.23 in a short time frame and gain momentum to reach a US $0.60 plus level by the end of the year 2021. As of now, the rising Bitcoin price is dragging the altcoin market in the last few weeks as many short term traders cash out of altcoins as and when Bitcoin gains heat, majorly after Elon Musk’s tweet.
This late-night, it was also announced that the SEC might look into the purchase of Bitcoin made by Tesla and understand how it will accept Bitcoin for payments. From the last few weeks, Elon Musk drove the crypto markets with his tweets, but after sensing the upcoming action by SEC, he has deleted the word “#bitcoin” from his bio resulting in bearish sentiment on Bitcoin.
The crypto fund or the crypto ETF helps high networth investors to enter the crypto market easily without the hassle of managing wallets or private keys. The fund manager churns the portfolio to generate continuous returns for its investors. It usually depends on the fund manager for how long it will remain invested into the project.
Nerochain has dropped PolkaDot and replaced it with Zilliqa. Rahul Kumar, the CEO of EGW Capital, tweeted this major update. According to Kumar, the actual portfolio allocation percentages will be announced soon. The fund will allocate its raised capital to promising and undervalued technologies.
EGW Capital has already invested US $10 million in ZIL coins on behalf of its Dubai-based high networth investor on Feb 13, 2021. It is bullish on Zilliqa blockchain technology. It believes the ZIL coin is undervalued and can scale newer heights in terms of price appreciation.
The ZIL coin, which is currently trading at the US $0.13100, touched the US $0.16100 yesterday after a bullish sentiment was built due to the investment coming from an American company on behalf of its investor based in the middle east. EGW Capital continued to buy ZIL coins from the open market and through OTC arrangements. A company uses OTC arrangements to gather a large chunk of coins without aggressively dragging up the price.
EGW Capital is equally bullish on DigiByte blockchain technology, which it believes may rise to the US $0.50 per DGB coin; however, how many DGB coins EGW Capital owns is unclear. Some believe that they dumped 56.2 million DGB coins around $0.05300, which they purchased around $0.02682.
Both ZIL and DGB coin are seeking CoinBase and Kraken listings to increase their acceptability. In case this is achieved, the prices may drive faster as it will open the American retail market for both the coins.
EGW Capital has also facilitated a US $5.36 million investment into Alpha coin in the DeFi space. As per Kumar, the DeFi space is still hot.
EGW Capital is also gearing up for its Initial Exchange Offering (IEO), which will be private and for high networth investors; however, the EGW coin is proposing to be listed on the retail markets or retail crypto exchanges in the next few months.
As per EGW Capital, the upcoming crypto ban will leave no impact on its business operations in India as most people use foreign business structures to raise capital instead of using their local companies. Also, EGW Capital is bullish on Regulation A+ IPO’s (USA) and reverse mergers.