- M&G Investments leads GFO-X’s $30 million Series B funding.
- GFO-X, authorized by the UK’s FCA, offers global digital asset trading.
- GFO-X’s launch to boost regulated digital asset market credibility.
Reuters reported that on Monday, the digital assets trading platform Global Futures and Options (GFO-X) announced that M&G Investments (MNG.L) from the UK spearheaded a $30 million Series B funding round before its official start.
Authorized by the UK’s Financial Conduct Authority, GFO-X offers a platform for worldwide institutional investors to engage in trading futures and options in digital assets. These transactions will be processed and cleared through the LCH SA, a Paris-based clearing division of the London Stock Exchange Group.
M&G Investments, a major contributor to the recent $30 million investment, is a division of M&G Plc. They will secure a position on the board of GFO-X Holdings.
“The strategic investment will fund GFO-X through its forthcoming launch and support future innovation in the regulated digital asset sector, enhancing trust and credibility in the market.”
GFO-X Holdings
Jeremy Punnett, a portfolio manager at M&G, expressed that the scarcity of regulated trading platforms significantly impedes the expansion of the cryptocurrency derivatives trading market.
Punnett highlighted the UK’s capability to emerge as a worldwide center for crypto asset technology and investment, stating that London is an ideal location for the new international trading exchange of GFO-X.
The LCH SA clearing division in Paris, part of the London Stock Exchange Group (LSEG), announced its plans to offer a regulated market for futures and options based on the bitcoin index.
M&G’s financial commitment to this sector coincides with a significant recovery in the cryptocurrency markets. Recently, these markets have experienced a surge, largely driven by expectations of the U.S. approving a spot bitcoin exchange-traded fund (ETF). The approval of this ETF is anticipated to trigger a substantial influx of liquidity into the crypto market. This is expected to be spearheaded by traditional institutions seeking entry into the digital assets market via regulated channels.
