By Aisling Finn on Wednesday 4 August 2021
The funding will be used to help Aspen Digital expand internationally and grow its team as it sets its sights on the lucrative digital investing market.
Digital assets, from NFTs to crypto, have skyrocketed in the last year as many people’s savings have grown during lockdown and the notion of holding them in a portfolio has started to normalise.
Aspen Digital, a platform for managing digital assets founded earlier this year, has closed an $8.8m pre-Series A funding round to help it tap into the booming market.
The funding round was led by RIT Capital Partners, the investment fund founded by Lord Rothschild, and New York-based technology venture fund Liberty City Ventures.
Other investors in the round include Cherubic Ventures, Token Bay Capital, Somerley Capital and angel investors Chatchaval Jiaravanon and Chaval Jiaravanon.
“We are thrilled to be launching our platform internationally later this year to empower asset managers around the world to better serve their clients in the new digital asset market with confidence,” Yang He, co-founder and CEO of Aspen Digital, said.
The fresh capital will be used to launch Aspen in Hong Kong and London, where it plans to open its second office later on this year, as well as Singapore.
Aspen Digital will also use the capital injection to help it expand its team as it targets customers across Asia, Europe and the Middle East.
“The Aspen Digital platform is a turn-key solution for investment advisors to manage digital assets on behalf of their clients,” Emil Woods, founding partner of Liberty City Ventures, added.
“The launch is a major step in making this powerful and transformative asset class available to this especially significant investor base.”
Not one for the everyday investor, Aspen Digital hopes to tap into the professional investor market, targeting asset managers and investment institutions with its one-stop-shop portfolio management offering.
With just one click, asset managers can invest in digital assets and manage their clients’ portfolios.
Aspen Digital is hoping to do away with the traditional, often clunky, systems that a lot of traditional investors struggle with when first stepping into the world of digital investing—from the time-consuming process of picking suitable exchanges and wallets, to compliance procedures and tracking portfolios.