(Jan 19): As Bitcoin continues its wild ride, a Singapore hedge fund unit is raising US$10 million ($13.2 million) for a cryptocurrency arbitrage fund to trade off price movements.

Kit Trading, a unit of Vulpes Investment Management, said the fund is on track to close early next month.

Kit Trading is joining an increasingly crowded field as interest in digital currencies explodes globally. In an Oct. 23 report, researcher Autonomous Next said 84 crypto hedge funds had opened in 2017, up from just 11 in 2016. While institutional investors have mostly stayed on the sidelines, companies are launching everything from funds to regulated exchanges to crypto derivatives, trying to lure them in.

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