Apex Group, one of the world’s largest fund administrators, is to provide services to Blockchain.com Asset Management (BCAM), a recently announced fund service from Blockchain.com, the crypto exchange and wallet provider.
Jersey-based BCAM aims to provide institutional crypto investment products, including a BTC Tracker and a fund that hedges Bitcoin’s downside risk. Atlis Partners is managing BCAM and Standard Custody, part of PolySign is providing the custody service.
Last year Apex paid $2 billion to acquire Sanne Group, solidifying its position as a top ten fund administration provider. In March, it announced it had taken a majority stake in FundAdminChain (FAC), the blockchain fund tokenization platform.
For the new offering, Apex will provide fund solutions, including compliance, company secretarial and transfer agency services. The company will deliver fund administration through the Apex Center or Excellence for Digital Assets in Malta.
“Apex has demonstrated exceptional flexibility and speed to adapt to the fast-moving world of crypto assets,” said Charles McGarraugh, Chief Strategy Officer, Blockchain.com. “As we provide institutional investors with a new way to access the crypto space in a regulated environment, Apex offers additional comfort to our investors as a reputable and trusted partner ensuring our full compliance and maximum operational efficiency.”
Meanwhile, several fund distribution platforms have adopted blockchain technology, including Calastone, Allfunds, FNZ and iCapital. Plus there’s a new wave of startups targeting the sector, including Clearstream-backed FundsDLT, IZNES, Figure Technologies and RealBlocks.