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CoinDesk Wins FA Distribution for its Indices
A busy San Diego platform for financial advisors will offer model portfolios based on CDI's bogeys.
Editor’s Note: For tokenized assets to take hold, they will have to have distribution. For TradFi asset managers, one of the key distribution channels is the retail and affluent financial advisor market. That makes getting FAs familiar with tokenized assets and comfortable recommending them a key part of the market’s growth. And with everything else, the SEC is not making this any easier with its proposed regs that RIAs must use a qualified custodian to hold digital assets (and not a crypto wallet stored in the office safe). As always, if you have news of your own drop us a note at “firstname.lastname@example.org”.
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Financial advisors seeking to place clients into digital assets are getting a new onramp. San Diego-based Onramp Invest has partnered with CoinDesk Indices to provide model portfolios advisors can use with their clients, said CEO Eric Ervin.
“We want Onramp to be the one-stop destination for financial advisors supporting digital assets. Pairing CoinDesk Indices’ market intelligence with Onramp’s flexibility and access provides advisors with unparalleled growth opportunities for clients,” said Ervin.
Onramp provides software that simplifies financial advisors use of tokenized assets for clients. The platform also connects with advisors existing portfolio accounting solutions and digital assets custodians such as Coinbase and Prime Trust.
The two companies are making CoinDesk Market Select Index (CMIS), CoinDesk Defi Select Index (DFX) and CoinDesk Currency Select Index (CCYS) available as the initial digital assets indexes on the platform.
As of April 4, 2023:
DFX consists of the following assets: Aave (AAVE), BCurve DAO Token (CRV), Synthetix (SNX) and Maker (MKR).
CCYS consists of the following assets: Bitcoin (BTC), Litecoin (LTC), Stellar (XLM), Bitcoin Cash (BCH) and Quant (QNT).
CMIS includes 27 different constituents within five of CDI's crypto sector indices, offering broad market access while also having filters and screens in place for liquidity.
Andy Baehr, managing director at CoinDesk Indices, said that the indices follow a “rules-based” methodology. He provided the example that tokens must be tradeable, which eliminated FTT as it was not priced by at least two eligible exchanges.
In March OnRamp partnered with Securitize to bring tokenized private equity investments from Hamilton Lane and KKR to advisors on its platform (see Advisors May Proffitt with Access to Tokenized Private Equity, March 23, 2023).
Source: OnRamp Invest
Eric Ervin, CEO of Onramp Invest
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