Matrixport, a Singapore-based platform for cryptocurrency financial services, has acquired the asset management division of Crypto Finance AG.Â
In a news announcement dated September 30, Matrixport stated that they have successfully completed the all-cash acquisition of Crypto Finance Asset Management, the asset management division of Crypto Finance AG, which is located in Switzerland.
The acquisition, according to Christopher Liu, Chief Compliance Officer & Head of Regulatory at Matrixport, will increase the company’s “regulatory footprint” in Europe and demonstrate its “steadfast commitment towards continually collaborating with regulators to review existing regulations and refine virtual assets specific regulations in the years to come.”
Additionally, he mentioned that the Swiss Financial Market Supervisory Authority, the nation’s financial authority, has pre-approved all of the deal’s transactions.
Matrixport Asset Management will replace CFAM, which was once a division of the Crypto Finance Group, which the Deutsche Börse Group controls. After the acquisition, Stefan Schwitter, the former head of asset management at CFAM, was also named CEO of MAM. Schwitter said in the press release:
Our complementary strengths will add value to the existing and future client base of Matrixport Group on a global level”
The two companies’ “complementary strengths will add value to the existing and future client base of Matrixport Group on a global level,” according to Matrixport Co-Founder and CEO John Ge, following the acquisition.
In addition to managing the Crypto Fund AG, CFAM provides institutional-grade cryptocurrency investment solutions, various crypto investment products, and structuring capabilities.
Crypto Fund AG was the first cryptocurrency company to receive an asset management license from FINMAÂ in May 2022.
The Collective Investment Schemes Act recognized the Zug-based cryptocurrency company as an asset manager.
Along with serving a variety of traditional investors, the license granted Crypto Fund AG the authority to counsel institutional investors.
Matrixport, meantime, is a part of the VFQ, the FINMA self-regulatory body in Switzerland. The company manages $6 billion in assets and is registered as a Money Services Business in the US and an Appointed Representative in the UK.
