Massive Institutional Bet Removes Over 85 Percent LFE Cash Tokens from Marketplace for 3 Years
Fortune Star Digital Asset Fund (a professional Cayman Islands investment fund) has secured 3,547,437,988 LFE Cash tokens for its flagship digital asset fund that has been launched this week.
The deal itself was completed by its parent group Fortune Star Investments Ltd way back at the LFE ITO closing. FSI has provided much-needed working capital and guidance for the LFE management team since closing out the ITO.
Fortune Star Digital Asset Fund has appointed fund administrator IFINA UK to act and has confirmed the fund has a three-year lock-up which IFINA UK has also confirmed independently.
Sam Bratchie of IFINA UK stated: “Fortune Star Digital Asset Fund is another digital asset fund administered by IFINA UK and we are happy to have the opportunity to work with the sponsors of the fund. We are also permitted to confirm that the fund’s strategy is to hold its LFEC (LFE Cash tokens) for three years. The belief that the fund has in the LFE business model and ecosystem is plain for everyone to see.”
When asked for comment Jim Aylward, Founder of the LFE added: “For us, having institutional backing in the LFE Cash token is a huge moment. It shows our retail token holders that the token has true scarcity value now. Furthermore, it also shows that management and the majority of token holders are in this for the long haul. We are very excited about what the future holds in terms of news and more developments.”
Fortune Star Digital Asset Fund is managed by White Tiger Asset Mangement Ltd (Cayman) and is currently sat with $1.6B USD AUM after opening up at $800m USD AUM. White Tiger Asset Mangement portfolio manager Nathan Weiss added: “We are excited to announce the addition of LFE Cash to our Fortune Star Digital Asset Fund. The fund aims to hold for a minimum of three years in terms of LFE Cash, in line with our long-term value proposition.
When you see the hard work and commitment that has gone into the LFE project it is great to see a result like this for founders, existing holders and the Fortune Star Digital Asset Fund with everyone’s interests aligned. We continue to seek out and add digital assets that complement the current portfolio holdings.”
The LFE project has now gained considerable traction being one of the most top-two hotly traded tokens on in its debut week of trading. Further announcements are expected imminently given the level of interest in the project and we are sure there will be more excitement to follow.
LFECash (LFEC) is exclusively available on StellarX & Interstellar exchanges and is hotly tipped to continue its early success as the LFE plan to make huge announcements before Christmas.
Token & Ticker: LFECash (LFEC)
Exchanges: StellarX | Interstellar
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