Mainstream finance firms continue to express a keen interest in cryptocurrency service providers. Wave Financial, an American digital asset manager, has acquired a minority stake in Criptonite Asset Management. It is the first European acquisition for the US firm.
Wave Financial Goes Crypto
The minority stake acquired by Wave Financial marks a crucial milestone. It confirms the interest by digital asset managers in cryptocurrency. Criptonite Asset Management is a Swiss crypto firm and has worked with Wave Financial on its bitcoin and NFT funds launching in Europe. The minority stake is the next step toward Wave Financial’s complete acquisition of the Swiss firm, which should complete later in 2022.
Furthermore, this move allows the American digital asset manager to procure increased interest in digital assets from European institutional investors. Wave holds an SEC license in the US, and Criptonite has a Swiss Finma license. Together, they make for a powerful combination capable of creating a competitive edge in the digital asset management vertical.
Wave Financial CEO David Siemer comments on the move:
“This bear market is an opportunity for us to continue to grow and expand, both organically and by acquiring crypto asset managers. Wave is in discussions with several asset managers, exchanges and lenders, as we look to expand our footprint in Europe and beyond.”
Investing in crypto assets is not a priority for most institutional investors today. However, they continue to show a keen interest in digital assets and tokenized funds. As Wave plans to make more acquisitions in the foreseeable future, it will be interesting to see how that affects the company’s position in the US and Europe.