Kenya, Brazil’s largest asset manager, has revealed that it has made an exploratory investment in Etherium. The announcement was made by Marco Aurelio Freire, manager of Kenya Fund, who said the company had invested a small amount of its holdings in Ethereum, which started two months ago. The assets under the management of Banco Etawah’s investment arm, Kinair, exceed $ 56 billion (approximately 2 10.2 billion).
Kenya is looking at crypto investing
Kenya, one of Brazil’s top asset managers, has made exploratory investments in the cryptocurrency world. The company, which has huge assets under management, has chosen to invest in Ethereum instead of Bitcoin, the most popular choice. Marco Aurelio Freire, the company’s fund manager, announced to local media that the investment was made two months ago. Frere did not disclose the amount of investment but said it was a small amount to test the market.
Frere believes in the role of cryptocurrency as a resource needed to diversify its portfolio. He said:
I see cryptocurrency as a secular trend where it deserves an exposure.
This seems to be consistent with Brazil’s current situation and its belief in the need for international diversification of investment. Crypto assets can help investors diversify their portfolios.
Etherium vs. Bitcoin
For many, the selection of kinaris in a world affected by bitcoin investing at the institutional level can be strange. Freire justified this choice by saying that while Bitcoin was a kickstarter in the decentralized economic world, there are many other interesting things in other currencies as well. Freire emphasizes:
People usually confuse cryptocurrency with bitcoin, but there is much more to the cryptocurrency market than bitcoin.
In this sense, Fryer points to recent successes that NFTs (non-fungi tokens) have experienced and how these successes have revived collectibles and sports markets. Senior managers have already announced that Bitcoin, being the first cryptocurrency, had a relatively simple design. However, other cryptocurrencies came to refine the established notion of bitcoin, solving problems such as scalability and environmental impact. Kenya managers say:
We believe that more advanced currencies and protocols should be more attractive to investors.
And in retrospect, Kenya’s investment has done quite well. Two months ago, on August 18, the price of ether was 3, 3,184. Now, at the time of writing, the value of crypto assets is $ 3,855.
What do you think about Kinner Etherium investment? Tell us in the comments section below.
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