RIT, Backed by Rothschild, Co-Lead Funding for Crypto Platform Aspen Digital

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Representations of Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin cryptocurrencies are placed on the PC motherboard in this illustration taken on June 29, 2021. REUTERS / Dado Ruvic / Illustration

LONDON, Aug. 4 (Reuters) – RIT Capital Partners (RCP.L), the investment trust founded by Jacob Rothschild, co-leads a fundraising round for crypto investment platform Aspen Digital to fund creation of an online platform that would give high net worth investors a single portal to manage crypto investments.

RIT to lead $ 8.8 million fundraiser for Hong Kong-based Aspen Digital with Liberty City Ventures, a leading venture capitalist in the blockchain industry, Aspen said in a statement Wednesday. .

This will fund the platform’s launch and expansion in London, Yang He, co-founder and chief executive of Aspen Digital, told Reuters.

Other investors include Chatchaval Jiaravanon and Chaval Jiaravanon, members of Thailand’s richest family and owners of Fortune magazine.

Aspen will target family offices and asset managers in Europe, Asia and the Middle East who want a single portal from which they can build a diverse crypto portfolio. It should go live later this year.

“Having the oldest wealth management family in the world to trust us as a platform solution for the new world of crypto investing is great validation,” said Yang.

Investor enthusiasm for crypto has risen sharply over the past year, with research showing that seven in 10 institutional investors plan to invest or buy digital assets in the future. Read more

RIT, listed in London, has recently invested in other crypto-related companies, such as the US crypto exchange Kraken. Jacob Rothschild remains RIT’s largest shareholder with a 12.39% stake.

Aspen Digital aims to provide family offices and other wealth managers with a crypto investment portal that will support compliance procedures and bear counterparty risk.

Aspen will focus on three areas: it will allow investors to buy and hold cryptocurrencies, invest in return-generating products such as stablecoin-backed savings accounts, and offer automated strategies comparable to quantitative strategies used by many hedge funds.

It will also have a research service bringing together industry news and market information, and present it to clients so they can see what it could mean for their portfolios.

Emil Woods, Founding Partner of Liberty City Ventures, said: We are delighted to partner with one of the best tech and business teams in blockchain and crypto. “

RIT declined to comment.

($ 1 = 0.7178 pounds)

Report by Abhinav Ramnarayan

Our Standards: Thomson Reuters Trust Principles.

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