RIT Capital Partners is co-leading a funding round for Hong Kong-based crypto investment platform Aspen Digital, to fund the establishment of a digital platform that would give wealthy investors a single portal to manage crypto investments.
The $8.8 million fundraising round will be led by RIT Capital Partners along with Liberty City Ventures. Yang He, co-founder and Chief Executive Officer of Aspen Digital said that the fundraising is intended to finance the launch of Aspen Digital and its expansion to London. Other investors include Chatchaval Jiaravanon and Chaval Jiaravanon – members of Thailand’s richest family and owners of Fortune magazine.
Aspen Digital said that it will aim at family offices and asset managers in Europe, Asia, and the Middle East who wish to possess a single portal from which they can build a diversified crypto portfolio. “To have the oldest wealth management family in the world putting trust in us as a platform solution for the new world of crypto investment is a great validation,” Yang He said.
Aspen Digital also said that the platform will take care of compliance procedures and bear the counterparty risk. The platform will allow investors to buy and hold cryptocurrency, will invest in yield-generating products such as stablecoin-backed savings accounts, and will offer automated strategies comparable to quant strategies employed by many hedge funds. It will also have a research arm aggregating news in the sector and market insights and would present this to clients so they can see what it could mean for their portfolios.
RIT Capital Partners plc, founded by Jacob Rothschild, is a London-listed investment trust which aims to protect and enhance shareholders’ wealth over the long term. The company has recently invested in other crypto-related companies, such as U.S. crypto exchange Kraken, and Jacob Rothschild remains the largest RIT shareholder with a 12.39 percent stake.
“We are thrilled to partner with one of the finest technical and business-savvy teams in blockchain and crypto,” founding partner of Liberty City Ventures, Emil Woods, said, commenting on its partnership with RIT in leading the funding round for Aspen Digital.
Interest in crypto investment has increased tremendously over the past year, and institutional investors, as well as major companies, have already taken the move to buy and invest in digital assets. Additionally, a recent study by Coalition Greenwich for Fidelity Digital Assets of more than 1,100 institutional investors globally found that 90 percent expect to buy digital assets within the next 5 years with more than half having done so already.