Falconx has acquired a majority stake in the parent company of Monarq Asset Management, a MultiStrategy Crypto Hedge Fund marking a major shift to asset management for Digital Asset Prime Broker.
The deal, which has not been made clear to terms, is part of Falconx’s broader strategy, expanding beyond its current client base, including hedge funds, trading companies and asset managers, according to a Bloomberg report.
Falconx, which offers trading, credit and custody services, currently aims to serve donations, pensions, and family offices seeking crypto-centric investment solutions.
Monarq, formerly known as the MNNC group, was registered with the Cayman Islands and was launched by the team behind Ledger Prime.
Former Wall Street volatility trader, CEO Shiliang Tang said the Falconx partnership will help expand Monarq’s quantitative strategy and expand its institutional scope.
MONARQ currently manages hundreds of millions of dollars using Delta-Neutral and directional strategies across centralized and decentralized platforms.
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Falconx acquisition push
The acquisition is as Falconx accelerates its push towards asset management amid expected integration in the digital asset space. In January, Falconx also acquired Derivatives Cimp Arbelos Markets, co-founded by Tang. The company is valued at $8 billion in 2022 and plans to acquire more over the next year or two.
“We are actively working on potential acquisition targets,” said Austin Reed, head of global revenue and business at Falconx. “We look forward to a wave of integration in the private market of digital assets.”
Falconx recently partnered with Standard Chartered to expand its institutional crypto products.
The partnership integrates banks and foreign exchange services, promotes cross-border speed-ups and targets expansion across Asia, the Middle East and the US, but both companies forecast growth in the cryptocurrency market.
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