According to Bloomberg, M&G Plc’s asset management division has invested $20 million in the UK cryptocurrency derivatives trading platform Global Futures and Options Ltd. (GFO-X).
M&G Investments participated in GFO-X’s $30 million Series B financing. The asset management company stated in a statement on Monday (11th) that the investment funds were provided by M&G’s Crossover strategy representing its management of the £129 billion Prudential With-Profits Fund.
In April of this year, GFO-X announced a strategic partnership with LCH SA, majority-owned by the London Stock Exchange Group, to launch a service called LCH DigitalAssetClear by the end of 2023. The service aims to provide clearing services for bitcoin index futures and options contracts traded on GFO-X. The service is not yet live, and a GFO-X spokesperson stated that due to customer demand, the preparation time has been extended, with the company currently expecting to launch the service in the first quarter of 2024.
According to Reuters, Jeremy Punnett, portfolio manager at M&G, stated in a release that the lack of regulated trading venues severely hinders the growth of the cryptocurrency derivatives trading market. He added: