Crypto-focused prime brokerage Floating Point Group has secured registration as a virtual asset service provider (VASP) in the Cayman Islands.
“With our current regulatory posture in the Cayman Islands and our business structure, Floating Point Group is able to hold customer assets safely and ensure that its customer’s assets are protected from its own creditors in the unlikely event that the company becomes bankrupt,” the firm said in a press statement.
According to co-founder Kevin March, Floating Point Group has roughly 100 clients and early this year reached a cumulative customer trading volume of $10 billion. It recently unveiled a brand-new platform for managing cryptocurrency assets called FlowVault.
Late in 2017, MIT students created the Floating Point Group
In September 2021, the business closed a $10 million Series A round with involvement from a number of investors, including Anthony Scaramucci, Coinbase Ventures, and Tribe Capital. That money came after a $2 million seed round supported by investors including Naval Ravikant, the co-founder of AngelList.
According to a government database, the Cayman Islands Monetary Authority recognized the company’s subsidiary Floating Point Group International as a registered VASP on April 21. The “VASP Statute,” a law establishing a legal framework for digital assets, was adopted by the self-governing British territory in 2020.
“It is incredibly important right now, of all times, to lean into the regulatory frameworks that have been provided for us in each of the places we do business,” John Peurifoy, Floating Point Group CEO and co-founder said in a statement.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews