VGFM Increases Deposit with Digital Bank DB3

VG Fund Management (VGFM) has announced its intention to deposit an additional sum of $200 million into DB3 Bank, following their initial deposit of $300 Million in August, thus bringing their total deposit amount to $500 Million in just one month. This is VGFM's second investment tranche for their "VG Precious Metals and Crypto Fund" which was incepted in March 2020.

VGFM is a US based fund management group which provides a wide range of investment banking, financial advisory and management services to high net worth individuals, corporations as well as institutional clients. The first tranche of VG Precious Metals and Crypto Fund was completed in March this year with funds of $300 Million invested into gold, silver and bitcoin. Since then, gold has been seen appreciating steadily, silver doubling up and bitcoin more than doubled its value.

The first phase of the second investment tranche was done in August and a total of $300 Million was deposited into DB3 Bank with an option to add another $200 Million. The option was exercised yesterday and this brings VGFM's total deposit with DB3 Bank to a princely amount of $500 Million. DB3 Bank is a world-renowned digital bank registered in Dominica with operations as a private offshore bank, primarily catering to institutions or high net worth individuals in providing them with global assets investment and management services. It had also issued its own cryptocurrency in the form of DB3 Token. It recently launched its digital asset management mobile app, and plans to gradually integrate its business development into the app.

 "We had chosen DB3 as we wanted to settle for something less volatile after our first tranche of investment to balance up the fund a bit. After our initial deposit, we got an in-depth understanding of DB3 Bank and its operations and we were really impressed with what we have seen. The management's vision for the company, their efficiency at tackling short term problems and hitting short term targets totally win us over. We are delighted to exercise our option and deposit another $200 Million with DB3." said VGFM's Chief Operating Officer Mr Noel Sinclair in a Zoom conference yesterday.

"The two main reasons why we are confident with depositing our fund with DB3 Bank are the fact that the total market value of their DB3 tokens are massively undervalued and we were offered really good entry. Its intrinsic value is at least 50 times more than its current market value and it has since proven us right with its positive movement right after our initial deposit. At VGFM, we always pride ourselves as good judge of companies and before we invest, we will always look at the underlying intrinsic value of that company. DB3's foray into the global cross-border remittance looks really promising. The idea of using cryptocurrency as the medium where the fiat currencies do not actually leave the country is a brilliant idea and I'm really convince that this could be the future of what cross-border remittance will be like in the near future. Nobody will want to pay high fees to the banks for expensive and slow services if they can do it at a lower fees and almost immediately. This is definitely the future of cross-border remittance." added Mr. Dan Logan, VGFM Chief Executive Officer during the same online conference.

It was also understood that the injection of the additional $200 Million does not signal the end of VG Precious Metals and Crypto Fund's second investment tranche. Instead, the company is open to continuing increasing their stakes in DB3 Bank in the coming months. Since the third investment tranche is widely speculated to be that of China's very own central bank digital currency, CBDC and the launch is still nowhere in sight, VGFM's collaborations with DB3 Bank looks to continue with the second investment tranche remaining wide open.

 

Company: Newzoo Worldwide

Address: Danzigertade 4fr, 10309AP Amsterdam The Netherland

Pieter van hothem

Tele:+31 20 6647789

Website: www.newzoo.net

Tweet

Latest News

Stocks rise as China confirms trade deal signing next week

Oct 1, 2020

NEW YORK — U.S stocks climbed in morning trading on Thursday as investors cheered confirmation from China that its top trade official will head to Washington next week to sign a preliminary trade deal. The “Phase 1” accord is the opening step on a possible path toward a broader agreement between the nations. President Donald Trump has said he will travel to Beijing after the initial signing to start the second stage of talks. Every major index is on track for a record as Wall Street distances itself from a bout of anxiety over the last week because of tensions...

Space Force will start small but let Trump claim a big win

Oct 1, 2020

WASHINGTON — The Trump administration is celebrating the launch of Space Force, the first new military service in more than 70 years. In signing the 2020 National Defense Authorization Act that includes Space Force, Trump on Friday can claim a victory for one of his top national security priorities just two days after being impeached by the House. It is part of a $1.4 trillion government spending package — including the Pentagon's budget — that provides a steady stream of financing for Trump's U.S.-Mexico border fence and reverses unpopular and unworkable automatic spending cuts to defense and domestic programs. Space...

House passes $1.4T government spending bill amid impeachment

Oct 1, 2020

WASHINGTON — The Democratic-controlled House voted Tuesday to pass a $1.4 trillion government spending package, handing President Donald Trump a victory on his U.S.-Mexico border fence while giving Democrats spending increases across a swath of domestic programs. The hard-fought legislation also funds a record Pentagon budget and is serving as a must-pass legislative locomotive to tow an unusually large haul of unrelated provisions into law, including an expensive repeal of Obama-era taxes on high-cost health plans, help for retired coal miners, and an increase from 18 to 21 in the nationwide legal age to buy tobacco products. The two-bill package,...

Stocks rise on Wall Street as rally stretches to fourth day

Oct 1, 2020

NEW YORK — U.S. stocks rallied Monday, rising with European and several Asian markets following surprisingly strong reports on China's economy. Growth in factory activity and retail sales in the world's second-largest economy both beat analysts’ expectations for last month. That layered on top of optimism from last week’s long-awaited “Phase 1” trade deal between China and the United States, which removed some of the uncertainty that’s hung over businesses and investors. The interim trade deal is one of a “trifecta of positive catalysts” that swept through the market last week and could help support it through the end of...

Wisconsin Senate to vote on firing agriculture secretary

Oct 1, 2020

MADISON, Wis. — Wisconsin's Republican-controlled Senate prepared Tuesday to fire the state agriculture secretary appointed by Democratic Gov. Tony Evers, the latest in a series of skirmishes between the governor and the GOP that comes as Wisconsin is losing dairy farmers at a record pace. Republicans and Evers have been fighting since before Evers even took office. Republicans convened a lame-duck session to pass laws weakening Evers' power in December. This summer, Evers used his expansive veto to reshape the GOP-passed state budget, resulting in attempts in court and through a constitutional amendment to weaken his veto authority. And on...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!