Crypto advisory firm targets sovereign wealth market

Bitcoin 1A Tel Aviv-based advisory firm has launched with the aim of assisting central banks and sovereign wealth funds looking to invest in bitcoin and other cryptocurrencies. The International Bitcoin Advisory Corporation (IBAC) is led by the former global head of financial institutions, Avi Ifergan. According to the firm, while the digital assets investment market is still in a nascent phase, bitcoin is “slowly emerging as a viable asset class”. With more than US$30 trillion of assets estimated to be under management among central banks and a further $8 trillion held by sovereign wealth funds, IBAC is looking to tap into a potentially lucrative market. "Sovereign institutional clients seek to understand this emerging asset class in depth, move quickly and with discretion, and ensure that they are using the best-in-class solution providers,” said Ifergan. “Few have the capabilities to achieve this in-house.” ©2021 funds global mena

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