Two crypto firms are merging in a bid to make crypto-asset management easier for institutional players.
CoinVantage, formerly a subsidiary of accounting firm MG Stover, is joining with Picks & Shovels, a provider of tools for crypto investors, to become a new entity known as Interchange.
The new, eight-person company features software products that will initially service over 100 clients, including fund administrators, hedge funds and digital exchanges.
CoinVantage was a subsidiary of MG Stover up until Friday's announced merger.
MG Stover is an early entrant into cryptocurrency management, being among the first firms to provide services to digital asset funds as early as 2014.
CoinVantage was launched as an MG Stover subsidiary in November 2017.
"The merger with Picks & Shovels is going to allow the firms to combine systems to create a superior product," MG Stover founder and CEO Matt Stover told CoinDesk.
As for the momentum behind institutional crypto, Galligan says moves like Friday's merger could represent a trend heading into 2019.
Stover will remain as CEO of MG Stover and join the board of directors of the new company.
Interchange will become the software platform of choice for MG Stover, according to a company statement.
Crypto Firms Merge to Build Software for Institutional Investors
gepubliceerd op Dec 21, 2018
by Coindesk | gepubliceerd op Coinage
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