PolySign Acquires Digital Fund Administrator MG Stover
Nicholas Otieno Apr 14, 2022 09:45
With its acquisition of fund administration firm MG Stover, PolySign plans to add cryptocurrency capabilities to its existing platform as part of efforts to enable its institutional investors to trade cryptocurrency and digital assets.
PolySign Inc announced on Wednesday that it has secured a deal to acquire MG Stover, a Colorado-based fund administration firm.
MG Stover is the largest digital fund administrator with a client base of more than $40 billion in digital assets under administration. The company is a fund administration firm that provides services for the alternative investment industry including hedge funds, venture capital funds, private equity, real estate, and cryptocurrency funds.
The acquisition of MG Stover’s fund service capabilities is set to enable PolySign to provide a comprehensive, vertically integrated custody, trading, and administration offering to institutional investors for crypto and digital assets. The move will accelerate PolySign’s product development agenda and pave the way for future service enhancements focused on asset managers and institutional investors.
MG Stover complements PolySign’s flagship digital asset custody and trading offerings for institutional investors.
PolySign - a digital asset infrastructure company based in California - is expected to complete the acquisition of MG Stover in Q2 2022.
Jack McDonald, the CEO of PolySign, talked about the merger and said: “MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stover’s Founder and CEO, is widely regarded as a visionary in our sector, and we are excited to gain his expertise as a shareholder and a core member of our leadership team. I am proud to welcome the entire MG Stover organization to PolySign.”
Matt Stover, Founder and CEO of MG Stover, also commented on the development and stated: “Our success in building institutional best practices for the digital asset ecosystem has helped foster a sector that has grown to over $2 trillion of assets. Joining the PolySign team is going to bolster our core fund administration offering and enable us to develop new capabilities that will shape the way institutions engage in digital assets for years to come.”
Leveraging Firms to Offer Digital Assets
In May last year, PolySign partnered with Cowen Inc., a multinational investment bank, to provide its institutional clients with access to cryptocurrencies and digital assets.
The partnership saw PolySign integrating its next-generation digital banking technology into Cowen's innovative sales and trading platform. Such advances have enabled PolySign to provide institutional investors with secure, compliant access to the multi-trillion-dollar digital asset market. The partnership has positioned PolySign to significantly expand its market-facing abilities by bringing innovative solutions to capital markets. The partnership also validated the strength of PolySign’s technology and team; as well as the rising significance of digital assets as an asset class.
Established in 2018, PolySign continues to develop a secure and scalable infrastructure that enables exchanges, financial institutions, and asset management firms to fully leverage their digital assets.
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