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Jacob Rothschild’s RIT Capital Partners is making a buzz as of late as the investment firm is said to be co-leading a funding round for Aspen Digital – a cryptocurrency investment platform. Reports are now suggesting that it aims to finance the inception of an online platform that would give well-off investors an avenue to check on their crypto investments.
RIT’s into crypto
It was learned that RIT will be leading a fundraising round for the above-mentioned Hong Kong-based crypto investment platform for $8.8 million. Alongside the Rothschild-backed firm is Liberty City Ventures which is deemed as new in the blockchain industry.
Members of Thailand’s wealthiest family – Chaval and Chatchaval Jiaravanon – are also part of this endeavor. For the uninitiated, their family also owns Fortune magazine.
The funds will eventually introduce the said platform together with its expansion in London.
Meanwhile, the founding partner of Liberty City Ventures Emil Woods stated that they are thrilled to partner with one of the finest technical and business-savvy teams in blockchain and crypto. Aspen Digital is said to focus on both asset managers and family offices in the Middle East, Europe, and Asia who prefer a portal from which they can put up a “diversified crypto portfolio. That said, this platform is expected to be introduced later this year.
Hyped over cryptocurrencies
One of the possible reasons as to why these financial top hats band up together to form this is the increasing enthusiasm of investors over cryptocurrencies. One can’t deny the fact that it has grown significantly over the past year as a recent study from Fidelity Digital shows that seven in 10 institutional investors are expected to invest in or purchase digital assets in the foreseeable future.
Also, RIT has invested in firms that are also into crypto. A notable example is the U.S.-based crypto exchange known as Kraken. As for Aspen Digital, the previously mentioned crypto investment platform is said to bear the risks of counterparties, not to mention take care of compliance procedures.
Further, Aspen will be setting its sights on three areas: one is to allow investors to purchase and hold cryptocurrencies, next is that it will invest in yield-generating products like stablecoin-backed savings accounts, and lastly, offer automated strategies that are comparable to quant strategies employed by several hedge funds. Not only that it will focus on those, but it will also have a so-called research arm that will aggregate news alongside some market insights. These will then be presented to clients for them to see the value they can bring to their portfolios.
Looking good for RIT
Going back to RIT, it said on Monday that its net asset increased during the first half of the current year. This was during what is described by the global market as a “benign” period. According to them, their NAV per share surged by 18 percent to 2,711 pence on June 30 which was originally at 2,292p at the end of December 2020. As for the Fourth Baron Rothschild, he still has the biggest slice of the pie within RIT with a 12.39 percent stake. Looks like the yet-to-launched cryptocurrency platform could be off to a good start.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
