M&G, the investment arm of a UK-based pension fund, has invested $20 million in Global Futures & Options Holdings (GFO-X), the country's first regulated Bitcoin derivatives exchange.
M&G, the investment arm of a 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 forms part of a $30 million Series B funding round for the exchange, which will initially focus on clearing Bitcoin index futures and options contracts.
The move marks a significant development for traditional financial institutions seeking exposure to cryptocurrency derivative investment products. GFO-X aims to become a regulated and centrally cleared trading platform for crypto derivatives under the supervision of the Financial Conduct Authority (FCA).
Jeremy Punnett, a portfolio manager at M&G, said that “the UK has the potential to become a global hub for digital asset technology and investment, making London an excellent destination for GFO-X’s new global trading venue. This investment enables GFO-X to scale its operations as the business is set to benefit from investors shifting their trading from unregulated to regulated venues.”
The investment capital originates from M&G's Crossover strategy, which focuses on rapidly expanding private companies. The funding aims to establish 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.
The Bank of England (BOE) and the Financial Conduct Authority (FCA) have recently published proposals seeking to regulate stablecoins, as the UK aims to establish itself as a global crypto hub.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
