Singapore crypto firm Matrixport acquired the asset management division of Switzerland’s Crypto Finance, which is owned by the Deutsche Börse. It was an all-cash transaction where the terms were not disclosed.
Switzerland’s FINMA is the regulator that supervises Crypto Finance (Asset Management) AG and has approved the transaction. The Swiss firm said it ran a competitive bidding process.
“The sale is in line with our overall strategy, to focus on our core competency as a one-stop-shop service and infrastructure provider,” said Stijn Vander Straeten, CEO of Crypto Finance.
“While asset management is a very valuable business area, our strategy lies in trading, custody, and staking as well as other post-trade services. 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.”
In related news, Commerzbank recently launched a corporate crypto service in partnership with Crypto Finance’s German subsidiary.
The acquired company was renamed Matrixport Asset Management AG (“MAM”), which Matrixport described as “managing the first FINMA-approved crypto fund while offering a comprehensive suite of crypto investment products and structuring capabilities.” This is part of Matrixport’s strategy of expanding services in Europe.
Meanwhile, one of the asset management partners that Crypto Finance previously announced was the fund administration firm Apex Group to provide institutional grade structured products. Apex previously partnered with Blockchain.com Asset Management. That unit was closed by Blockchain.com for the crypto firm to focus during the crypto winter.
