Investment arm of UK-based pension fund, M&G, makes $20 million investment in regulated Bitcoin derivatives exchange
M&G, the investment arm of UK-based pension fund, has invested $20 million in Global Futures & Options Holdings (GFO-X), the country's first regulated Bitcoin derivatives exchange. The investment is part of a $30 million Series B funding round for the exchange, which will initially offer clearing of Bitcoin index futures and options contracts. This move allows traditional finance institutions to gain exposure to cryptocurrency derivatives investment products, and positions GFO-X to become a Financial Conduct Authority (FCA) regulated trading platform for crypto derivatives.
M&G's Crossover strategy provides funding for cryptocurrency derivatives hub
The investment capital from M&G comes from its Crossover strategy, which focuses on "patient growth equity" for fast-growing private companies. The goal of the funding is to create a hub for trading and clearing cryptocurrency derivatives, while fostering innovation in the sector. As part of the investment, M&G will join the board of GFO-X.
UK and London poised to become leaders in cryptocurrency technology and investment
M&G portfolio manager, Jeremy Punnett, believes that the lack of regulated trading venues is hindering the growth of the digital currency trading market. He sees potential for the UK and London to become leading destinations for cryptocurrency technology and investment. However, the long-term viability of digital assets and the digitization of tangible assets requires collaboration between traditional market participants and modern innovators.
FCA issues additional guidelines for UK crypto asset promotion rules
As interest in cryptocurrencies continues to grow, the FCA has issued additional guidelines to industry service providers to ensure compliance with UK crypto asset promotion rules. Some operators have chosen to leave the country, while others are working to meet the strict requirements for advertising in the UK.
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