Cryptocurrency

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 <a data-ct-non-breakable="null" href="https://www.prnewswire.com/news-releases/matrixport-expands-footprint-in-europe-with-acquisition-of-swiss-based-crypto-finance-asset-management-302262070.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.prnewswire.com/news-releases/matrixport-expands-footprint-in-europe-with-acquisition-of-swiss-based-crypto-finance-asset-management-302262070.html">announcement</a>, 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).
<h2 id="matrixport-rebrands-crypto-finance-to-matrixport-asset-management">Matrixport rebrands Crypto Finance to Matrixport Asset Management</h2>
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).
Some key executives from Crypto Finance also obtained a role at Matrixport’s new unit in Switzerland.
Stefan Schwitter, who previously served as the head of asset management at CFAM, has been appointed as CEO of MAM, the announcement notes.
“We are thrilled to join one of the true crypto trailblazers in the digital assets industry,” Schwitter said. He added:
<blockquote>
 “Our complementary strengths will add value to the existing and future client base of Matrixport Group on a global level.”
</blockquote>
<h2 id="cfam-is-the-first-finma-approved-crypto-manager">CFAM is the “first FINMA-approved crypto manager”</h2>
<a data-ct-non-breakable="null" href="https://www.finews.asia/finance/42072-crypto-finance-matrixport-asset-management-switzerland-singapore" rel="null" target="null" text="null" title="null">According</a> 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.
<h2 id="matrixport-has-290-employees-in-more-than-40-countries">Matrixport has 290 employees in more than 40 countries</h2>
Founded in 2019 in Singapore, Matrixport is a major asset management firm in the cryptocurrency industry, facilitating $6 billion in assets under management.
The company <a data-ct-non-breakable="null" href="https://www.matrixport.com/about" rel="null" target="null" text="null" title="null">claims</a> to have a presence in more than 40 countries, with a workforce of 290 employees.
According to data from Matrixport’s <a data-ct-non-breakable="null" href="https://matrixport.helpjuice.com/en_US/360004598793-getting-started/360039268014-Matrixport-Restricted-Countries" rel="null" target="null" text="null" title="null">FAQ</a>, 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.
<figure>
 <img alt="Matrixport acquires Swiss asset manager, expands in Europe" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019242ea-a7a6-7e2b-99c3-82d413ea195d">
 <figcaption style="text-align: center;">
 The list of restricted countries on Matrixport. Source: Matrixport’s official website
 </figcaption>
</figure>
In addition to providing asset management services, Matrixport publishes digital asset investment research for its clients.
In late 2023, Matrixport analysts predicted that Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) would be trading at $125,000 by the end of 2024.
<figure>
 <img alt="Matrixport acquires Swiss asset manager, expands in Europe" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019242e9-b51c-7304-a41d-bd3ef827b021">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Matrixport_EN/status/1730466579958444476" rel="null" target="null" text="null" title="https://x.com/Matrixport_EN/status/1730466579958444476">Matrixport</a>&nbsp;
 </figcaption>
</figure>
Cointelegraph approached Matrixport for a comment regarding the acquisition of CFAM but did not receive a response at the time of publication.
<h1 id="em-strong-magazine-strong-em-a-data-ct-non-breakable-null-href-https-cointelegraph-com-magazine-worldcoin-fined-dmm-bitcoin-system-face-ban-asia-express-rel-target-_self-text-null-title-https-cointelegraph-com-magazine-worldcoin-fined-dmm-bitcoin-system-face-ban-asia-express-em-strong-worldcoin-fined-again-crypto-store-clerk-runs-off-with-500k-cash-asia-express-strong-em-a">Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/worldcoin-fined-dmm-bitcoin-system-face-ban-asia-express/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/worldcoin-fined-dmm-bitcoin-system-face-ban-asia-express/">Worldcoin fined again! Crypto store clerk runs off with $500K cash: Asia Express</a></h1>

Matrixport acquires Swiss asset manager, expands in Europe

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