xalts, an investment management platform supporting the digital asset ecosystem, has raised $6m in funding.
The capital injection came from Silicon Valley venture capital firm Accel, Citi’s venture capital investing group Citi Ventures and crypto luminaries such as Polygon co-founder Sandeep Nailwal.
xalts was created earlier this year by former HSBC trader Ashutosh Goel and former Meta Asia executive Supreet Kaur.
The company plans to release multiple fund products linked to digital assets. These include mutual funds and ETFs listed on several global exchanges.
Additionally, xalts is leveraging its technology platform to partner with several asset management firms and staking infrastructure providers to jointly launch and manage mutual funds and ETFs.
xalts is also developing several other products in collaboration with other players in the ecosystem. Among these are a structured product and repackaging platform which will allow institutions to issue structured notes with embedded crypto options.
Headquartered in Hong Kong, xalts is a global investment management and technology company. Its platform aims to open access to the digital asset ecosystem in a secure and compliant manner.
xalts chief investment officer Goel said, “What came to the forefront this past summer in several large crypto firms was a lack of basic controls, checks and balances which most of us take for granted in the financial industry. With xalts, we are building innovative, institutional-grade investment products and solutions which focus on high compliance and control standards—things institutional investors care about.
“The next leg of growth in digital assets will be driven by institutional participation in the asset class. We are starting to see the early signs of that with a lot of new initiatives coming from banks and asset managers.”
Citi has made several FinTech investments this year. It recently joined the $10m investment round of Crowdz, an SME finance platform.
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