LONDON (Reuters) - Global Futures and Options (GFO-X), a digital assets trading platform, said on Monday that Britain's M&G (LON:MNG) Investments has led a $30 million second round of funding ahead of its launch.
GFO-X is licensed by the UK's Financial Conduct Authority for global institutional investors to trade digital asset futures and options that will be cleared at the London Stock Exchange Group (LON:LSEG)'s Paris clearing arm LCH SA.
M&G Investments, which provided most of the latest $30 million funding, is part of M&G Plc, and will have a seat on the board of GFO-X Holdings.
"The strategic investment will fund GFO-X through its forthcoming launch and support future innovation in the regulated digital asset sector, enhancing trust and credibility in the market," GFO-X said in a statement.
M&G portfolio manager Jeremy Punnett said the lack of regulated trading venues is materially hampering the growth of the crypto derivatives trading market.
"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 exchange," Punnett said.
LSEG's LCH SA clearing arm in Paris said it will provide a regulated marketplace for bitcoin index futures and options.