Another Canadian crypto player is taking a run at acquiring Toronto-based Canadian crypto asset management firm Arxnovum Investments.
After crypto lending platform Ledn’s unsuccessful attempt last year, VirgoCX has entered the fray and is now awaiting regulatory approval for their acquisition of Arxnovum.
VirgoCX is making a significant step forward by seeking to serve clients across the digital asset management space with regulated investment products.
The combined firms will seek to provide Canadians with increased product choice, and the benefits of regulatory compliant innovation in our capital markets.
“We are excited to consolidate Arxnovum’s experience and connections in the digital asset management space to launch crypto investment funds, including private funds and ETFs, that have been requested by investors,” Adam Cai, CEO of VirgoCX, stated.
“Arxnovum Investments is excited to partner with Virgo Group to create investment products for Canadians that provide access to the transformations heralded by blockchain innovations and digital assets,” Shaun Cumby, CEO of Arxnovum, stated. “Together, we intend to create investment vehicles that can be trusted and uphold the highest industry standards.”
Arxnovum is focused on alternative asset management. The Arxnovum team, led by Cumby and Tanvir Sodhi, created Canada’s first publicly traded Bitcoin and Ether funds.
“The announcement of this acquisition, despite current market conditions and recent industry fallouts, shows Virgo Group’s strong belief in the future of a regulated digital assets industry,” Cai remarked. “This acquisition illustrates Virgo Group’s stability and growth strategy, which also includes offering trading platform and investment management services in other international markets.”
Founded in 2018, VirgoCX raised a $10 million Series A financing round in 2022 led by venture fund Draper Dragon with participation from Blockdream Ventures, Cobo Ventures, Molecular Group, Sora Ventures, and How Link Investment.