GFO-X Completes $30M Series B Funding Round

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UK’s first regulated and centrally cleared trading venue Global Futures and Options Ltd., also known as GFO-X has completed a $30 million Series B funding round with M&G Investments as the lead. Markedly, the $332 billion asset management arm of the pensions giant invested $20 million in the crypto derivatives trading platform. 

This marks a significant step towards restoring institutional investors’ confidence in the crypto landscape after the collapses that hit the industry last year. It provides a platform for traditional finance investors to gain exposure to several crypto-asset derivatives investment products.

M&G Partners With LCH on BTC Index Futures 

The move comes barely eight months after M&G Investment signed a partnership deal with London Stock Exchange Group-majority-owned LCH SA.  The partnership is designed to have GFO-X utilize LCH’s new clearing service, DigitalAssetClear. Specifically, GFO-X will use this platform to clear Bitcoin (BTC) index futures and options contracts that trade on its platform.

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According to a GFO-X spokesperson, clients’ demand has contributed to “longer lead times”, therefore, both DigitalAssetClear and the partnership with GFO-X  had wanted to launch this year. However, the launch is expected in the first quarter of 2024 and GFO-X is sure that the secured fund will play a significant role in this event.

The Need For Crypto Regulation 

Meanwhile, Jeremy Punnett, M & G portfolio manager, highlighted the fact that the lack of regulated trading venues is hindering the advancement of the crypto derivatives trading market to a large extent. Furthermore, he presented London as a perfect location for GFO-X’s new global trading venue to thrive. 

Punnett made this observation while acknowledging that the UK has the potential to become a global hub for crypto asset technology and investment. “This investment enables GFO-X to scale its operations as the business is set to benefit from investors shifting their trading from unregulated to regulated venues,” the portfolio manager added.

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UK Authorities Intensifies Efforts Towards Crypto Regulation 

The collapse of top crypto exchanges like FTX has necessitated the need for regulation and compliance amongst crypto projects. GFO-X is working towards becoming a Financial Conduct Authority (FCA) regulated and centrally-cleared trading platform for crypto derivatives.

Similarly, authorities in the UK are putting together regulations to ensure that investors are safe in whatever crypto investment they indulge in.

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