By Oliver Smith on Tuesday 8 February 2022
Crucially the fund targets companies operating in the crypto sector, rather than tokens themselves.
After shaking up its subscriptions last month, Chip is now expanding its offer crypto exposure to its customers.
It comes in the form of a Crypto Companies fund, managed by Invesco, which has been added to Chip’s platform today and is available for ChipX customers who pay £3/month.
“With the addition of the Crypto Companies fund, we want to enable users to dip their toes into the world of cryptocurrencies without risking the volatility that comes with directly investing into crypto assets,” said Chip’s CEO and founder Simon Rabin.
The underlying fund is Invesco’s CoinShares Global Blockchain UCITS ETF, which invests in 51 companies that are involved in the technology and infrastructure behind cryptocurrencies.
Crucially the Global Blockchain ETF doesn’t invest in crypto directly, but rather targets those companies which are operating in the sector.
Some of its constituent companies include microchip manufacturer TSMC and markets operator CME Group which also offers Bitcoin and Ether derivatives.
Since the fund was created in March 2019 it’s returned an average annual return of 42.7 per cent to its investors, with volatility limited by the diversification of many of its constituents.
“We don’t expect this to be for everyone, but if you can accept risks in pursuit of the opportunity to earn eyebrow-raising returns, it could be for you."
Last month Chip scrapped its mid-tier ChipAI plan that it previously charged £1.50/month for, making several of the AI features available for free and removing the cap that it had previously put on its savings accounts.
Hinting towards future changes at Chip, Rabin said: “We have monumental plans for 2022 and these new features and updates are just the beginning. I don’t doubt we’ll make massive strides towards our goal of building the best savings account in the world.”
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