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

Soleimani, a general who became Iran icon by targeting US

Oct 1, 2020

TEHRAN, Iran — For Iranians whose icons since the Islamic Revolution have been stern-faced clergy, Maj. Gen. Qassem Soleimani widely represented a figure of national resilience in the face of four decades of U.S. pressure. For the U.S. and Israel, he was a shadowy figure in command of Iran's proxy forces, responsible for fighters in Syria backing President Bashar Assad and for the deaths of American troops in Iraq. Solemani survived the horror of Iran’s long war in the 1980s with Iraq to take control of the Revolutionary Guard’s elite Quds Force, responsible for the Islamic Republic’s foreign campaigns. Relatively...

Streep, Miranda and Stone are named as Met Gala co-0chairs

Oct 1, 2020

NEW YORK — Next year's Met Gala may be the closest we'll ever come to getting a Miranda Priestly moment at the starry event. Meryl Streep has been named as a co-chair of the Metropolitan Museum of Art's Costume Institute. The Oscar-winner played Priestly, a thinly veiled fictional version of Vogue editor Anna Wintour, in the movie "The Devil Wears Prada." Wintour clearly has no hard feelings because she selected Streep as a co-chair along with Lin-Manuel Miranda and fellow Oscar-winner Emma Stone. Designer Nicolas Ghesquiere rounds out the group. The gala's theme is "About Time: Fashion and Duration," which...

New Sept. 11 exhibit stages the hunt for Osama bin Laden

Oct 1, 2020

NEW YORK — Declassified U.S. government documents and artifacts will be part of a new exhibit about the decade-long search for Osama bin Laden at the site of the New York terrorist attack he masterminded. "Revealed: The Hunt for Bin Laden" opens Nov. 15 at the National September 11 Memorial & Museum, a multimedia account of the mission that ended with bin Laden's death in Pakistan in 2011. With direct access to the operatives who led America's feverish post-9/11 hunt for the top terrorist, the exhibit presents a sort of whodunit drama with graphics, videos and the voices of the...

Road tripping Thailand: Weekend getaways to beat the crowds

Oct 1, 2020

BANGKOK — Thailand's southern beaches lure travelers with their turquoise water and dramatic limestone cliffs, but there's more to explore in the Southeast Asian country that's one of the world's most popular destinations. For a Thai road less traveled, try one of these getaways outside Bangkok, far from the overly Instagrammed backpacker hotspots or the party scene of Phuket or Pattaya. ___ BAN KRUT FOR THE BEACH BUM In laid-back Ban Krut, travelers will find one of the cleanest and quietest stretches of white sand within driving distance of the capital, Bangkok. This sleepy seaside community, known mostly by locals,...

Museum of the Bible quietly replaces questioned artifact

Oct 1, 2020

OKLAHOMA CITY — The Museum of the Bible in Washington quietly replaced an artifact purported to be one of a handful of miniature Bibles that a NASA astronaut carried to the moon in 1971 after an expert questioned its authenticity. The move follows an announcement last year that at least five of 16 Dead Sea Scroll fragments that had been on display at the museum were found to be apparent fakes. The museum replaced the original microfilm Bible with one that was donated by an Oklahoma woman who wrote a book about the Apollo Prayer League, which arranged for Apollo...

Welcome to The Zig Zag World. This travel blog will help you to make the most out of your travel time with interesting destination guides. Our paths will definitely cross some day as we zigzag around the world.

Contact us: sales@thezigzagworld.com