PolySign, a digital asset infrastructure provider, in April, bought prominent fund administration company MG stover, according to CoinDesk. When the acquisition occurred, over $40 billion worth of digital assets were under MG Stover’s administration. Interestingly, the move occurred coincidentally when the Series C fundraise was completed by PolySign.
New investors like GSR, Soros Fund Management, and Breven Howard participated in the fundraiser. Also, Cowen Digital, which spearheaded Series B fundraise of $54 million last year, was a part of this year’s fundraiser.
The CEO of MG Stover, Matt Stover, and Chairman and CEO of PolySign, Jack McDonald, joined Frank Chaparro, host of The Scoop, to record their first podcast episode together. In the podcast, they sat to discuss their clients’ unstaggering demand for products related to digital assets.
According to Stover, although the prices of cryptocurrencies have gone dangerously low, private funding for erecting a digital asset infrastructure is still ongoing. He said, “We get to see both the liquid and illiquid on the investment side, and there’s so much capital still flowing into the private companies building infrastructure around this new asset class.”
The market isn’t smiling, and the recent downturn has caused several participants to be on edge. According to McDonald, “The long-term view that these traditional asset managers make in investing in this sort of way is really unaffected by the recent market downturns. They’re taking a long-term view, and they’ve done the work to make these decisions.”
Read more about digital assets here. Mastercard, Candy Digital, The Sandbox, and Others Partner for NFT-enabled Payments.
In the episode, Stover, Chaparro, and MacDonald also discussed:
- How emotions drive crypto booms and busts
- Systematic risk in crypto
- The future of digital assets beyond cryptocurrency