Aspen Digital taps wealthy Asian families for crypto custody
Institutions need more than custody to invest in fast-changing digital assets. The new firm will build administration and risk management too.
From a year-to-date low of $29,000 on July 21, the price of bitcoin was testing $45,000 on August 12. Glassnode, a research firm built by early crypto adopters with backgrounds in traditional finance, scours the blockchain world for data that investors might use to take a view, such as whether older coins are dormant or being sold as prices rise.
Old hands were holding on.
Another recent trend is that the average size of bitcoin trades is climbing. Trades of $1 million or over have risen from 30% of the market one year ago to 70% today, leading Glassnode to conclude that, “a new era of institutional and high net-worth capital is flowing through the bitcoin network since 2020.”
In August, Crypto asset management platform Aspen Digital secured $8.8 million in pre-A funding to build an all-in-one platform to address the pain points nagging traditional asset managers, institutions and other professional investors who are new to digital asset investing. These range from the time-consuming process of picking suitable exchanges and wallets, to recurrent compliance procedures and arduous tracking of portfolios across multiple platforms.
Aspen Digital was co-founded by Everest Ventures Group, a backer of digital finance start-ups funded by wealthy Asian families, and TT Bond Partners, a boutique advisory firm and investment fund run by exiles from the big investment banks.