Prime Factor Capital has just become the first crypto-focused investment firm to receive approval from the UK's Financial Supervisory Authority, Bloomberg reported yesterday.
The company will be regulated by the UK financial regulator as an alternative investment fund manager and will comply with EU laws.
From now on, Prime Factor Capital will be able to manage more than €100 million in assets and offer its services to institutional investors. Prime Factor Capital founders state:
"Being focused on just one asset class has allowed us to become leaders in this space and win the confidence of crypto investors."
According to European regulations, Prime Factor Capital must hire an independent custodian to monitor the fund's assets and ensure and validate the investors' returns.
Prime Factor Capital was founded in 2017 by Michael Wong and Nic Niedermowwe, former BlackRock Inc. employees.
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