GFO-X, a UK regulated cryptocurrency derivatives exchange, today announced a $30 million Series B round led by M&G Investments. That’s the pension giant’s $332 billion asset management arm.
GFO-X said the funding will support it until its upcoming launch. Founded in 2020, the platform targets institutional clients looking for a regulated trading venue for derivatives.
Last April, the startup said it would begin clearing Bitcoin index futures and options on its platform in collaboration with LCH, the French clearinghouse division of the London Stock Exchange Group.
“The lack of regulated trading venues is substantially hindering the growth of the cryptocurrency derivatives trading market,” M&G portfolio manager Jeremy Punnett said in a statement today.
He said: “The UK has the potential to become a global hub for crypto asset technology and investment, making London an excellent destination for GFO-X’s new global trading venue. “This investment will allow GFO-X to expand its operations while enabling its business to benefit from investors shifting their trading from unregulated to regulated venues.”
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About the author
Ryan Weeks is The Block’s trading editor, focusing, among other things, on fundraising, M&A, and institutional trends in the cryptocurrency space. He’s particularly interested in investigative work, so please send him tips! Ryan previously worked as London fintech correspondent for Financial News and Dow Jones. Prior to that, he wrote for several publications, including Sifted, AltFi, and Wired. In addition to journalism, Ryan is a keen reader and writer. He enjoys anything active. He especially enjoys running, rugby, hiking and tennis.