The Middle Eastern kingdom ultimately wants to boost its U.S. investments to $45 billion to better balance its holdings.
The fund, called Paradigm, was recently started by Coinbase Inc. co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes,
Binance is acquiring Trust Wallet which allows customers to store more than 20,000 different Ethereum-based tokens.
Coinbase, which would need a license to expand into Japan, is in active discussions with the Financial Services Agency.
The firm may also invest in companies started by former employees, it said in the statement.
The license will let Coinbase provide payment services and issue e-money in the country, enabling it to strike more partnerships with other companies.
IPOs & Markets
The investment vehicle will track the performance of the four tokens that currently trade on the San Francisco-based company’s GDAX exchange.
Investors have poured in excess of $3 billion into over 200 ICOs this year.
Once the “gold rush” settles down, Bass said cryptocurrencies could be a viable asset class.
Chinese loan guarantor Wins Finance Holdings Inc couldn’t explain a 4,555 percent surge in its stock.
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