Update Oct. 2, 10:30 UTC: Added comments from Matrixport and changed information about the company’s workforce.
Cryptocurrency financial services platform Matrixport is expanding its presence in Europe through the acquisition of Swiss crypto asset manager Crypto Finance.
In a Sept. 30 announcement, Singapore-based Matrixport mentioned that it has completed its all-cash acquisition of Crypto Finance Asset Management (CFAM).
Matrixport noted that CFAM was previously part of the Deutsche Börse Group-owned Crypto Finance Group (CFG).
Matrixport rebrands Crypto Finance to Matrixport Asset Management
Following CFAM’s acquisition, Matrixport has rebranded the company as Matrixport Asset Management (MAM). The acquired business will focus on providing institutional-grade crypto investment solutions as a Switzerland-based unit of Matrixport.
According to the announcement, the transaction has received “all necessary regulatory approvals,” including approval from the Swiss Financial Market Supervisory Authority (FINMA).
With the acquisition, the entire former team at CFAM will shift at MAM, continuing to be led by newly appointed MAM CEO Stefan Schwitter, who previously served as the head of asset management at CFAM.
“They are a very experienced team with lots of competencies, and Matrixport intends to supplement the existing team with our product development and distribution capabilities,” a spokesperson for Matrixport told Cointelegraph.
CFAM is the “first FINMA-approved crypto manager”
According to a report by Finews Asia, CFAM was the first manager of collective crypto assets approved by the Swiss FINMA, which led to its management of Switzerland’s first regulated crypto fund.
Following the sale to Matrixport, the company will focus on its core business as a shop service and infrastructure provider.
“While asset management is a very valuable business area, our strategy lies in trading, custody and staking as well as other post-trade services,” CFAM CEO Stijn Vander Straeten stated.
“This move allows us to put all our focus on expanding our core services within the digital asset ecosystem in Switzerland, Germany and across the European markets,” he added.
Matrixport has over 300 employees in more than 40 countries
Founded in 2019 in Singapore, Matrixport is a major asset management firm in the cryptocurrency industry, facilitating $6 billion in assets under management.
Matrixport has a workforce of more than 300 employees and operates in more than 40 countries, with locations in three continents, including Singapore, Hong Kong, Thailand, Taiwan, Zurich, London and New York, a spokesperson for Matrixport stated.
“We offer asset management and financial intermediaries such as lending and borrowing business in Switzerland. As we are a FCA-licensed appointed representative in the UK, we provide institutional client investment advisory services there,” the representative said.
According to data from Matrixport’s FAQ, the platform doesn’t provide service to customers from countries and regions, including mainland China, Hong Kong, Singapore, the Democratic People’s Republic of Korea, Japan, the United States, Canada and others.
The list of restricted countries on Matrixport. Source: Matrixport’s official website
In addition to providing asset management services, Matrixport publishes digital asset investment research for its clients.
In late 2023, Matrixport analysts predicted that Bitcoin (BTC) would be trading at $125,000 by the end of 2024.
Source: Matrixport
Cointelegraph approached Matrixport for a comment regarding the acquisition of CFAM but did not receive a response at the time of publication.