The World's First Tokenized

Cryptocurrency Index Fund

Fund Value



C20 IconC20

Token NAV


C20 Movement

Invictus Quarterly Report

Read more about Invictus Capital and Crypto20 in our latest quarterly report.

Cheack out the Crypto20 factsheet and whitepaper

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We take what works from the old-world financial system and remove what doesn't.

A new investment paradigm

Autonomous 'token-as-a-fund'.

In 2017, our team successfully pioneered the first tokenized crypto-only index fund, which used the seed funding to buy the underlying crypto assets. There are no broker fees, no exit fees, no minimum investment and full control over your assets. Full blockchain transparency.

Index Fund Performance

CRYPTO20 provides a way to track the performance of the crypto markets as a whole by holding a single crypto asset. Index funds have consistently beaten the average managed fund since their inception.

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Ease & Simplicity

There are literally thousands of cryptocurrencies for investors to choose from. Choice paralysis: choice adds cost, complexity and the need for advice. CRYPTO20 eliminates this complexity for the new crypto investor.

3  function withdraw() external {
4      address investor = msg.sender;
5      uint256 tokens = withdrawals[investor].tokens;
6      require(tokens > 0);
7      uint256 requestTime = withdrawals[investor].time;
8      Price price = prices[requestTime];
9      require(price.numerator > 0);
10     uint256 withdrawValue = safeMul(tokens, price.denominator)
                                      / price.numerator;
11     withdrawals[investor].tokens = 0;
12     if (this.balance >= withdrawValue)
13         enact_withdrawal_greater_equal(investor, withdrawValue, tokens);
14     else
15         enact_withdrawal_less(investor, withdrawValue, tokens);
16  }
18  function enact_withdrawal_greater_equal(
19      address investor,
20      uint256 withdrawValue,
21      uint256 tokens
22  )
23      private
24  {
25      assert(this.balance >= withdrawValue);
26      balances[fundWallet] = safeAdd(balances[fundWallet], tokens);
27      investor.transfer(withdrawValue);
28      Withdraw(investor, tokens, withdrawValue);
29  }
30  function enact_withdrawal_less(
31      address investor,
32      uint256 withdrawValue,
33      uint256 tokens
34  )
35      private
36  {
37      assert(this.balance < withdrawValue);
38      balances[investor] = safeAdd(balances[investor], tokens);
39      Withdraw(investor, tokens, 0);
40  }

Safe ERC20-Compliant Smart Contract

CRYPTO20 makes it easy for anyone to get exposure to crypto returns with broad, diversified risk.

The C20 tokens are directly tied to the underlying assets with a unique liquidation option in the smart contract. This protects the asset price and ensures it is never able to fall below the token's share of the underlying assets.

”Don’t look for the needle in the haystack.
Just buy the haystack!”

— John C. Bogle, founder of The Vanguard Group and inventor of the index fund.

Frequently Asked Questions

Learn More About Crypto20

Is CRYPTO20 a platform?

No - CRYPTO20 is not a platform. It is an autonomous, high-performance, low-cost cryptocurrency index fund. Development of the trading system is complete - CRYPTO20 offers value now, not at some point in the future. Diversification to the top 20 cryptocurrencies is now possible by holding a single token.

Where is CRYPTO20 incorporated?

CRYPTO20 has been established in the Cayman Islands jurisdiction. The Caymans are a popular international jurisdiction for the incorporation of investment funds.

The Cayman jurisdiction has seen a strong increase in private equity funds year on year over the past decade. The popularity of Cayman private equity funds has been fuelled by the increase in hedge fund managers growing into the private equity space and by the increased use of private equity funds to pursue distressed asset investments.

The Cayman limited liability company (LLC) was introduced last year as a flexible, tax-neutral low-cost fund vehicle with a corporate personality.

The LLC is a flexible structure ideally suited for use as a closed-end investment vehicle. The Cayman LLC was established under legislation that was drafted with the key terms of private equity vehicles in mind.

The registration, due diligence and reporting requirements which arise from this legislation is generally delegated to a private equity fund’s administrator. The procedures are closely aligned with existing anti-money laundering (AML/KYC) requirements to ensure that the use of Cayman vehicles for private equity structures remains a low cost option.

Please see this Deloitte report for more.

What are CRYPTO20's public reporting requirements?

Have the CRYPTO20 Fund's asset holdings been verified by a third party?

An Agreed Upon Procedures engagement has been completed by KPMG; you may see the procedures Crypto20 requested to be performed in the report here.

What is an index fund?

Please see our learn page to discover more about index funds and crypto investment.

What are the fund costs?

Fund automation will allow us to operate in a sustainable low-cost skeleton fund capacity and offer management fees of only 0.5% p/a as opposed to the 3% p/a plus 0.5% exit fees offered in the crypto market at the moment.

Why is CRYPTO20 on the blockchain?

There are many reasons to utilize blockchain technology for CRYPTO20:

  • Full transparency over fund activity
  • Ability to trade or move tokens at will with no exit fee
  • No minimum investment
  • No legacy banking costs means low fund fees
  • Easy listing for sale and trading peer-to-peer on exchange
  • CRYPTO20 only holds cryptocurrency assets

Why not buy the underlying assets myself and run my own index fund?

There are many reasons:

  • Convenience - buy and forget
  • Large funds get volume based discounts on exchanges
  • You only have to hold a single asset instead of 10+
  • Rebalancing a portfolio is a complex and time-consuming process
  • C20 token value can exceed value of underlying assets but can not fall below due to the liquidation option in the smart contract
  • C20 tokens are designed to be attractive to fiat investors seeking a straightforward way to gain exposure to cryptocurrencies

What will happen if one of the tokens that CRYPTO20 holds undergoes a fork - such as Ethereum or Bitcoin has?

We will integrate the additional tokens into the CRYPTO20 fund as soon as we are able and then follow normal rebalancing procedure (and as such this token may or may not then form part of our fund composition). It is likely that the value of the fund will increase and this will be passed on to C20 token-holders.

Trade and Invest in CRYPTO20

How can I BUY or SELL C20 tokens?

You will need to purchase C20 tokens on an exchange. Check out the exchange page to see which exchanges C20 is trading on.

How do I buy ether (ETH) or bitcoin (BTC)?

Please see our recommended guide: How to Buy Bitcoin.

How does the liquidation option work?

The built-in smart contract liquidation function enables investors to withdraw ether based on their share of the fund's underlying assets. This process is entirely autonomous and withdrawals do not require authorisation or extended waiting periods (as is often the case with other investments).

Investors submit a withdraw request to the smart contract which then enables them to withdraw the ether amount corresponding to their tokens' net-asset value (less a 1% trading fee). The realised withdrawal price is based on a forward pricing policy. This means that the ether withdrawal amount will be calculated based on the next published NAV price.

How do I perform a liquidation of C20 Tokens?

Please see our liquidation page.

I’ve seen x or y fund manager or trading bot guarantee to beat the market. Why not trade actively?

Active traders and fund managers generally have a far higher fund expense ratio than index funds - around 3% p/a as opposed to index funds which offer closer to 0.5% p/a. The effect of this is that the aggregate return of investors is less than zero sum which makes outperformance compared to an index fund and to the market much less likely.

Over a 10-year investment horizon more than 80% of large-cap fund managers failed to outperform their benchmark index. The odds of picking a winning fund manager are also low: studies show that irrespective of past performance, future performance is virtually random.

Be wary of salesmen, brokers and fund-managers that offer surefire strategies or trading bots that they promise will consistently beat the market.

What is the meaning of the NAV price?

Net asset value (NAV) represents a fund's per share market value. Net asset value (NAV) is significant only for open-end mutual funds. It is a simple calculation - just take the current market value of the fund's net assets (securities held by the fund minus any liabilities) and divide by the number of shares outstanding.The most important thing to keep in mind is that NAVs change daily and are not a good indicator of actual performance because of the impact yearly distributions have on NAV (it also makes mutual funds hard to track).

Once I’ve bought C20 Tokens on Exchange, can I later send them to our MEW/Metamask wallet for long term storage?

Yes you can, it is like any other ERC20 Token.

I cannot see my C20 Tokens in my wallet?

Please make sure that your wallet is fully synced (if applicable), and that you have added a C20 to your custom token list.

I cannot see C20 Tokens in myetherwallet but not in my address on, where can I see all other tokens?

C20 tokens did not show up on etherscan initially as tokens were allocated directly and did not trigger the specific ‘transfer’ event that etherscan detects. Once tokens are tradeable they will be detected the same as any other ERC20 token.