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

Innovative fashion designers lead the way on sustainability

Sep 23, 2020

LONDON — Innovative fashion designers are turning to such things as horseradish and nettles to make sustainable clothing and accessories to the delight of a growing number of buyers. While more consumers are paying closer attention to how the production of goods impacts the environment, old habits die hard. A buy-and-toss mentality persists despite a boost from celebrities helping to drive the upcycle and vintage movements. Actress Maggie Q, who created an activewear line from recycled fabrics, is among activists who see plenty of room for improvement. She says she feels "sick about fast fashion.'' "You hear people say, 'Well,...

Boris Johnson heads to UN, urging world to see beyond Brexit

Sep 23, 2020

LONDON — Prime Minister Boris Johnson is heading to the United Nations General Assembly in New York to argue that post-Brexit Britain will be a dynamic world power taking the lead on tackling climate change and an unstable Middle East. But Johnson will be dogged by Brexit throughout the three-day trip. He will hold talks with European Union leaders as he tries to persuade the bloc to give him a new withdrawal agreement. The EU says Britain hasn't come up with workable solutions to the two sides' big differences. Johnson is also set to meet President Donald Trump, hoping to...

Traffic around England's Port of Dover disrupted by protest

Sep 23, 2020

LONDON — Traffic around the Port of Dover, England's major sea connection with France, has been disrupted as a result of a protest by environmental activists. Activists from Extinction Rebellion said their protest around the port is intended to "highlight the vulnerability of the U.K.'s food supply in the face of the ecological and climate emergency." The four-hour protest was given the go-ahead by local authorities within certain limits and Extinction Rebellion insisted it would "not cause any disruption to vital supplies," such as medicines. Highways England urged travelers in a tweet to be aware of disruptions. Protesters also hung...

Oil price drops on hopes for quick recovery of Saudi output

Sep 23, 2020

LONDON — The price of oil is falling back further after the Saudi government said half of production that was knocked out by an attack over the weekend had already had been restored. Benchmark U.S. crude was down 42 cents to $58.92 per barrel in electronic trading Wednesday. The contract fell $3.56 on Tuesday. Brent crude, the international benchmark, fell 27 cents to $64.28 per barrel in London, having dropped $4.47 the previous session. The attack on oil producer Saudi Aramco's processing facility in Abqaiq saw crude surge more than 14% on Monday, about as much as it did when...

EU competition chief hints at new data rules for tech firms

Sep 23, 2020

LONDON — The European Union's powerful competition chief indicated Friday that she's looking at expanding regulations on personal data, dropping an initial hint about how she plans to use new powers against tech companies. Margrethe Vestager said that while Europeans have control over their own data through the EU's world-leading data privacy rules, they don't address problems stemming from the way companies use other people's data, "to draw conclusions about me or to undermine democracy." "So we may also need broader rules to make sure that the way companies collect and use data doesn't harm the fundamental values of our...

Sign up now!

About Us

Future Science Today reports on captivating developments in science, medicine, technology, and the world around us.

Contact us: sales[at]futuresciencetoday.com