Tuesday, November 29, 2022

Accel and Citi Ventures Raise $6M For Xalts

Silicon Valley venture capital Accel together with Citi Ventures has contributed $6 million to investment management and technology firm Xalts. Meanwhile, they were not the only contributors. The fundraiser was equally backed by crypto luminaries like Sandeep Nailwal, co-founder of Polygon, a leading Ethereum (ETH) scaling platform. 

The capital from Accel and Citi Ventures will be rolled into the launch of multiple fund products associated with cryptocurrencies. Invariably, these products would include mutual funds and Exchange-Traded Funds (ETFs) that are listed on several crypto exchanges. Leveraging its technology platform, Xalts intends to collaborate with other assets management firms.

Together, Xalts, the asset management firms, and staking infrastructure providers will launch and manage mutual funds and ETFs. In another collaboration, Xalts will join selected industry players to develop products like a structured product and a repackaging platform. In the long run, these products will authorize institutions to offer structured notes underlined with crypto options.

Xalts Cheers Institutional Participation in Crypto Ecosystem

“What came to the forefront this past summer in several large crypto firms was a lack of basic controls, checks, and balances which most of us take for granted in the financial industry. With Xalts, we are building innovative, institutional-grade investment products and solutions which focus on high compliance and control standards; things institutional investors care about. 

The next leg of growth in digital assets will be driven by institutional participation in the asset class. We are starting to see the early signs of that with a lot of new initiatives coming from banks and asset managers,” Co-founder and Chief Investment Officer of Xalts Ashutosh Goel said

Xalts is a global investment management and technology firm with headquarters in Hong Kong. It was founded earlier this year by former HSBC trader Ashutosh Goel and former Meta Asia executive Supreet Kaur. The focus of the firm is to push for real-money institutional participation in the digital assets ecosystem.

Markedly, this is Citi Ventures’ first foray into a digital assets investment. The Managing Director of Citi Ventures Luis Valdich reaffirmed “Xalts is our first investment in a digital asset manager, and we support its vision of creating innovative products to meet the growing appetite of institutional investors for more efficient and robust crypto-access investments.”

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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