Crypto Investment Startup Xalts Raise $6 Million Led By Citi Ventures
According to Bloomberg, Citi Ventures, a major banking sector capital firm, co-led startup incubator Accel with a $6 million investment round in crypto asset management company Xalts.
Xalts’ founders come from investing and technological backgrounds, with Chief Investment Officer Ashutosh Goel having worked at HSBC, Lehman Brothers, and Nomura. Similarly, Supreet Kaur, the Xalts COO Supreet, is a seasoned operator and former Meta Asia boss.
The company originated with the concept of packaging digital assets into investment packages suitable for institutional investors.
“We are launching multiple fund products linked to digital assets, including mutual funds and ETFs listed on several global exchanges. We are also leveraging our technology platform to partner with several asset management firms and staking infrastructure providers to jointly launch and manage mutual funds and ETFs,” Kaur said.
According to Kaur, would-be institutional investors face several impediments in terms of tax treatment, technical constraints, legal and regulatory due compliance and credit layers, and more.
Kaur said that many institutional investors confront too many early hurdles, which might be costly to account for.
“In spite of having the risk appetite to invest in crypto, millions of dollars in budget and headcount approvals, just to get started.”
Citi and Accel are joined in the round by Web3 investor AGBuild, as well as individual investors such as Polygon Co-founder Sandeep Nailwal, Coinbase Lead Product Manager Nakul Gupta, and Maninder Gulati, OYO Global Chief Strategy Officer.
Citi Ventures Managing Director Luis Valdich said in a statement:
“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.”
Citi’s purchase continues a hectic season for institutional crypto investments. Last month, financial heavyweights Charles Schwab, Citadel Securities, and Fidelity Investments created EDX Markets, a new cryptocurrency exchange, while Fidelity introduced a new Ethereum index fund for authorized investors earlier this week.
Citi has invested in several cryptocurrency firms such as Blockdaemon and Chain through Citi Ventures and Citi Salesforce Ventures.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
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Crypto Investment Startup Xalts Raise $6 Million Led By Citi Ventures
According to Bloomberg, Citi Ventures, a major banking sector capital firm, co-led startup incubator Accel with a $6 million investment round in crypto asset management company Xalts.
Xalts’ founders come from investing and technological backgrounds, with Chief Investment Officer Ashutosh Goel having worked at HSBC, Lehman Brothers, and Nomura. Similarly, Supreet Kaur, the Xalts COO Supreet, is a seasoned operator and former Meta Asia boss.
The company originated with the concept of packaging digital assets into investment packages suitable for institutional investors.
“We are launching multiple fund products linked to digital assets, including mutual funds and ETFs listed on several global exchanges. We are also leveraging our technology platform to partner with several asset management firms and staking infrastructure providers to jointly launch and manage mutual funds and ETFs,” Kaur said.
According to Kaur, would-be institutional investors face several impediments in terms of tax treatment, technical constraints, legal and regulatory due compliance and credit layers, and more.
Kaur said that many institutional investors confront too many early hurdles, which might be costly to account for.
“In spite of having the risk appetite to invest in crypto, millions of dollars in budget and headcount approvals, just to get started.”
Citi and Accel are joined in the round by Web3 investor AGBuild, as well as individual investors such as Polygon Co-founder Sandeep Nailwal, Coinbase Lead Product Manager Nakul Gupta, and Maninder Gulati, OYO Global Chief Strategy Officer.
Citi Ventures Managing Director Luis Valdich said in a statement:
“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.”
Citi’s purchase continues a hectic season for institutional crypto investments. Last month, financial heavyweights Charles Schwab, Citadel Securities, and Fidelity Investments created EDX Markets, a new cryptocurrency exchange, while Fidelity introduced a new Ethereum index fund for authorized investors earlier this week.
Citi has invested in several cryptocurrency firms such as Blockdaemon and Chain through Citi Ventures and Citi Salesforce Ventures.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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