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LONDON, Aug 4 - RIT Capital Partners, theinvestment trust founded by Jacob Rothschild, is co-leading afunding round for crypto investment platform Aspen Digitalintended to finance the creation of an online platform thatwould give wealthy investors a single portal to manage cryptoinvestments.
RIT will lead the $8.8 million fundraising round for HongKong-based Aspen Digital, along with Liberty City Ventures, anearly venture investor in the blockchain industry, Aspen said ina statement on Wednesday.
This will fund the launch of the platform and its expansionto London, Yang He, co-founder and chief executive of AspenDigital, told Reuters.
Other investors include Chatchaval Jiaravanon and ChavalJiaravanon - members of Thailand's richest family and owners ofFortune magazine.
Aspen will target family offices and asset managers inEurope, Asia and the Middle East who want to have a singleportal from which they can build a diversified crypto portfolio.It expects to go live later this year.
"To have the oldest wealth management family in the worldputting trust in us as a platform solution for the new world ofcrypto investment is a great validation," said Yang.
Investor enthusiasm for crypto has increased sharply overthe past year, with one study showing seven out of 10institutional investors expect to invest in or buy digitalassets in the future.
London-listed RIT has invested in other crypto-relatedcompanies recently, such as U.S. crypto exchange Kraken. JacobRothschild remains the largest RIT shareholder with a 12.39%stake.
Aspen Digital aims to provide family offices and otherwealth managers with a crypto investment portal which will takecare of compliance procedures and bear the counterparty risk.
Aspen will focus on three areas: it will allow investors tobuy and hold cryptocurrency, will invest in yield-generatingproducts such as stablecoin-backed savings accounts, and willoffer automated strategies comparable to quant strategiesemployed by many hedge funds.
It will also have a research arm aggregating news in thesector and market insights, and would present this to clients sothey can see what it could mean for their portfolios.
Emil Woods, founding partner of Liberty City Ventures, said:“We are thrilled to partner with one of the finest technical andbusiness-savvy teams in blockchain and crypto."
RIT declined comment. REUTERS