Is Nairobi Stock Exchange Looking to List a Crypto-based Fund?

According to a recent news report, an investment fund has held indicative meetings with the Nairobi Stock Exchange (NSE) opening up speculation as to whether the exchange is considering listing a crypto-based fund.

Badoer Group ADK, the investment firm behind the crypto-based fund, mid 2018 purchased a 15.6% stake of a local bank, Sumac Microfinance, one of the fastest growing microfinance banks in Kenya.

The firm also owns 23% in Tanzania’s Hakika Microfinance Bank.

According to Badoer:

“The Nairobi Stock Exchange has been very open to us. The idea is since I’m in cryptocurrency, to list the world’s first ETF in crypto. This is going to bring a lot of value to Kenya.”

The NSE has previously shown an interest in crypto when the head of Enterprise Investment, Irungu Waggema, talked about tokenizing assets during a blockchain meetup. He expressed interest in the space and possible progress in tokenization sometime soon which aligns with what Badoer Group is looking to introduce into the market.