PolySign to Acquire Digital Fund Administrator MG Stover, Celebrate Series C

PolySign has agreed to acquire MG Stover for a mix of cash and PolySign stock. MG Stover provides digital fund administration for a client base that collectively holds more than $40 billion in digital assets under administration.

The acquisition of MG Stover’s fund service capabilities will enable the company to deliver a comprehensive, vertically integrated custody, trading and administration offering to institutional investors for cryptocurrency and digital assets, the company said in a statement. This near-term development accelerates their product development plan and paves the way for future service enhancements focused on institutional investors and asset managers.

Alongside this acquisition, PolySign will complete its Series C capital raise, adding new investors to its shareholder base, including Soros Fund Management, Brevan Howard, and GSR. Cowen Digital will also add to its equity position.

In 2021 PolySign’s wholly-owned subsidiary, Standard Custody & Trust Company received its trust charter from the New York Department of Financial Services. Before this, the company announced its strategic partnership with Cowen Digital, Cowen Inc.’s digital asset division, which also led PolySign’s $53 million Series B round of funding. Cowen and PolySign have since integrated the latter’s digital banking technology into Cowen’s sales and trading platform.

“MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stover’s founder and CEO, is widely regarded as a visionary in our sector. We are excited to gain his expertise as a shareholder and a core member of our leadership team,” said PolySign CEO Jack McDonald. “I am proud to welcome the entire MG Stover organization to PolySign.”

“Our success in building institutional best practices for the digital asset ecosystem has helped foster a sector that has grown to over $2 trillion of assets,” said Stover. “Joining the team will bolster our core fund administration offering and enable us to develop new capabilities that will shape the way institutions engage in digital assets for years to come.”

The company expects to complete the acquisition of MG Stover in Q2 2022.

Sponsored
Sponsored Links by DQ Promote

 

 

Send this to a friend