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FCA Grants License to First Crypto Hedge Fund

Prime Factor Capital, a London-based crypto asset management firm, has received approval from the Financial Conduct Authority (FCA) to operate as a full-scope alternative investment fund manager, according to a Bloomberg report.


It is the first crypto-focused hedge fund approved by the United Kingdom’s market watchdog. The company will operate under the guidelines of the European Union and will be allowed to hold more than 100 million euros ($116 million) in asset under management (AUM).


“Most vehicles for investing in cryptocurrencies are outside the scope of regulators and that’s a big problem in a market that has such a bad reputation,” Adam Grimsley, chief operating officer at Prime Factor, told Bloomberg.


Bond traders jumping into crypto


The company was set up in 2017 by two former bond traders from Blackrock along with Nic Niedermowwe, an ex-energy derivatives trader at RWE AG. Currently, the traders’ team at Prime Factor has four members who were previously associated with Blackrock, Legal & General, Goldman Sachs, and Deutsche Bank. Read More at FinanceMagnates...

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