There will be many CryptoFunds, each named in tribute to space monkeys. The first fund is codenamed: Miss Baker. Each CryptoFund has a unique identifier, including unique wallet addresses that are displayed upon launch.
Each fund has a 30 day funding period, where anyone can sign up and pledge their bitcoins (minimum .25). At the end of the funding period, deposits are closed and pledged funds are transferred to a secure trading system where the investment team launches the official trading period.
During the trading period, the participants can see how the investment fund is doing at any time, and chat with each other and the investment team. At the end of the trading period, all positions are closed and the final Bitcoin balance is transferred to a secure payout system. Then, individual proportionate share of the ending portfolio balance are calculated and sent to the participants’ deposit addresses.
“Our revolutionary system is incredibly simple, transparent and exciting, but the best part of all is it is completely free to get involved. Participating in CryptoFund costs you absolutely nothing! Our trading team is compensated by taking a 25% bonus off the profits they make for you (not off your initial deposit). This system ties your interests to that of our traders so we are all working towards the same goal; maximizing profits!”
At this moment about 9 bitcoins have been invested in the fund, with 9 days to go before the trading periods begin. The Cryptomen team, now based in the Bitcoin Embassy of Montreal, states that:
“The amount is not as important to us as the opportunity to grow our client base and build trust within the greater crypto-currency community. With our performances, and the transparency of this project, we will be in a better position to manage BTC for you guys.”
Cryptomen was founded in May 2014 by J.F. Hotte, as a community for cryptocurrency investment recommendations and analysis of coins.
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Images from Cryptomen and Shutterstock.
Last modified (UTC): October 22, 2014 18:36