Australian regulator approves fintech company Raiz to provide Bitcoin investment retail fund

According to Bitcoinist, the Australian Securities and Investments Commission (ASIC) has approved fintech startup Raiz to provide a Bitcoin investment retail fund. With ASIC approval, Raiz can now continue its planned products until the end of the second quarter of 2020. Once launched, the Raiz Bitcoin Investment Retail Fund will put 95% of its clients' investments in ETFs. The remaining 5% will be invested directly in Bitcoin. The ASIC approval has also brought bitcoin investment opportunities to more than 300,000 customers on the Raiz platform, which manages more than $ 445 million in funds. According to the company's data last December, of the 300,000 customers, about 211,000 were paying customers.