RIT Capital Partners co-leading $8.8 million funding for crypto platform Aspen Digital
According to the online sources, an investment trust RIT Capital Partners is reportedly leading a crypto funding round along with a Hong Kong-based cryptocurrency investment platform called Aspen Digital. With this partnership, the companies aim to create an online platform for managing cryptocurrency investments made by wealthy investors through a single portal. On 4 August 2021, Aspen Digital came out with a statement saying that the $8.8 million-worth fundraising round will be held along with RIT and Liberty City ventures. Liberty City invests in early ventures in the blockchain industry. With the funds raised from this event, a new platform will be launched, which will later be expanded into London as well.
There are a few other investors who are participating in the fundraising event. It consists of names like Chatchaval Jiaravanon and Chaval Jiaravanon, who own Fortune magazine and are one of the richest families in Thailand.
It has been found that in the past year, investor enthusiasm has increased significantly. This fact was corroborated by a study that demonstrated that seven out of ten institutional investors are looking to buy and invest in cryptocurrencies in the future. Aspen Digital plans to include asset managers and offices in Asia, Europe, and the Middle East in the new platform. It will allow them to build a diversified crypto portfolio through a single portal. The platform is expected to go live in late 2021.
This is not the first time RIT has backed a crypto-related firm. It recently invested in another US-based crypto exchange platform called Kraken.