The Italian fintech company Oval has launched Bitcoin Generation, an ETN that replicates a Purpose Investments ETF on bitcoin. The new product allows you to invest in a Purpose Investments’ Bitcoin ETF through the use of ETN certificates that track its performance. In this way, you gain access to a portion of the fund that follows Bitcoin and in turn, tracks its performance by buying the underlying asset.
Although the ETF is issued in U.S. dollars, with Bitcoin Generation the currency is the euro and you are not subject to exchange rate risks since the issuer, SmartETN, handles currency exchange costs.
Read more on the subject and find the latest business news in the world with the Born2Invest mobile app.
The minimum sum to start investing is only $12 (€10)
To start investing, a minimum sum of $12 (€10) is sufficient, with the possibility of setting recurring weekly increments of the minimum amount of $1.2 (€1), thanks to the smart rules of Oval, which acts as a tax withholding agent for users residing in Italy and new investors can join the administered regime through the app. With this product, the fintech wanted to meet the precise request of its community to be able to invest in this market segment, which is in high demand today.
Benedetta Arese Lucini, CEO of Oval, commented: “2021 will be a year full of surprises for our users. After becoming a tax substitute, we have decided to add a new piece to our offer, bringing to the Invest section one of the products most requested by our community, without however forgetting Oval’s own investment philosophy, which is based on diversification and a medium-long term view.”
Oval has been operating since April 2017 and was founded by Arese Lucini herself, former general manager of Uber in Italy, together with Claudio Bedino and Edoardo Benedetto, previously co-founders of the B2B crowdfunding platform Starteed, along with Simone Marzola, an expert in machine learning and artificial intelligence. The company cashed in $1.76 million (£1.26 million) with its equity crowdfunding campaign on the UK platform Seedrs, launched in November 2019. More than 2,000 investors have joined the campaign, of which more than 70% are “Ovalers”, i.e. users of the app. A 2.05% stake in the capital was offered in the campaign, with a pre-money valuation of $66.7 million (£47.8 million).
The campaign followed the latest $5.58 million (£4 million) investment round, for a 12.5% stake in the capital, signed in October 2019 by Eurizon sgr, the asset management company of Intesa Sanpaolo Group. Before then, the fintech company had already carried out three rounds. At the end of 2016, it had raised $1.44 million (€1.2 million) from Intesa Sanpaolo, b-ventures (the accelerator founded by Mauro del Rio within Buongiorno, now Docomo Digital) and Bertoldi Holding. In April 2018 it had cashed in €1.5 million, of which $1.09 million (£788,000) raised in equity crowdfunding on the UK platform CrowCube. In June 2018, it had raised another $4.8 million (€4 million) from Intesa Sanpaolo, through its corporate venture Neva Finventures. Oval has so far raised the equivalent of over $14.67 million (€12.26 million).
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
ETC Group launches first ETP on centrally cleared cryptocurrency Litecoin
The ETP on the cryptocurrency Litecoin will be listed on the Xetra platform of the Frankfurt Stock Exchange. It will...
Using images in your website: what you need to know
Using images in website design is critical, but only if you do it right. People are visual creatures. We love...
Primaflor and Kimitec sign agreement to grow zero-waste leaf products
The project designed by Primaflor and Kimitec is a pioneering milestone in the sector, as it is a strategic collaboration...
Sono Motors counts over 13,000 reservations for Sion
Sono Motors had originally planned to start delivering its debut Sion to customers in 2022 after several delays, but it...
Micro-entrepreneurs in Mexico are turning away from banks to obtain loans
Micro-entrepreneurs in Mexico opt for financing with Asofom, fintech companies and pawn shops rather than banks, due to high interest...