FILE PHOTO: Representations of Bitcoin and other cryptocurrencies are seen with a network cable in this illustration picture taken September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo
LONDON (Reuters) - Global Futures and Options (GFO-X), a digital assets trading platform, said on Monday that Britain's M&G Investments has led a $30 million second round of funding ahead of its launch.
GFO-X is licensed by the UK's Financial Conduct Authority for global institutional investors to trade digital asset futures and options that will be cleared at the London Stock Exchange Group's Paris clearing arm LCH SA.
M&G Investments, which provided most of the latest $30 million funding, is part of M&G Plc, and will have a seat on the board of GFO-X Holdings.
"The strategic investment will fund GFO-X through its forthcoming launch and support future innovation in the regulated digital asset sector, enhancing trust and credibility in the market," GFO-X said in a statement.
M&G portfolio manager Jeremy Punnett said the lack of regulated trading venues is materially hampering the growth of the crypto derivatives trading market.
"The UK has the potential to become a global hub for crypto asset technology and investment, making London an excellent destination for GFO-X’s new global trading exchange," Punnett said.
LSEG's LCH SA clearing arm in Paris said it will provide a regulated marketplace for bitcoin index futures and options.
(Reporting by Huw Jones; Editing by Susan Fenton)
Unlock 30% Savings on Ad-Free Access Now!
