GFO-X, a crypto derivatives venue regulated in the UK, today announced a $30 million Series B round led by M&G Investments — the $332 billion asset management arm of the pensions giant.
GFO-X said the funding will support it through to an upcoming launch. Founded in 2020, the platform targets institutional customers in search of a regulated trading venue for derivatives products.
In April, the startup teamed up with London Stock Exchange Group’s French clearinghouse unit, LCH, which it said would begin clearing bitcoin index futures and options for the platform.
M&G portfolio manager, Jeremy Punnett, said in a statement today that the “lack of regulated trading venues is materially hampering the growth of the crypto derivatives trading market.”
He added, “The UK has the potential to become a global hub for crypto asset technology and investment, making London an excellent destination for GFO-X’s new global trading venue. This investment enables GFO-X to scale its operations as the business is set to benefit from investors shifting their trading from unregulated to regulated venues.”
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Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.