Family office-backed crypto investment firm, Deus X Capital, has agreed to acquire institutional digital assets firm HAYVN for an undisclosed amount.
In an announcement, Deus X Capital said a mutual agreement has been reached with HAYVN shareholders to purchase the business’s brand, technology, clients and staff in a deal that the parties aim to close before March 28, 2024.
Abu Dhabi-based crypto trading firm HAYVN is an over-the-counter (OTC) and custody platform for digital currencies. In 2022, it was widely reported HAYVN was courting investors for a Series B round to eventually IPO, as reported by Reuters.
This acquisition will give the crypto investment firm an opportunity to expand its presence in the Middle East.
In December it emerged that HAYVN CEO Christopher Flinos resigned unexpectedly due to unknown circumstances.
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Richard Crook has been appointed the new CEO of HAYVN with a focus on growing the business.
Before joining HAYVN Crook held the position of COO at BCB Group, a digital assets payments business, and was the head of emerging technology at investment bank RBS and has held senior management positions at the Swiss investment bank UBS.
“We are committed to providing institutional clients with the critical services they need to capitalise on the existing and growing opportunity in digital assets, while continuing to build and develop new capabilities. HAYVN is core to our strategy and represents another pillar of our commitment to the Middle East region,” said Tim Grant, CEO, Deus X Capital, in a press release.
Why Crypto Execs Are Opening Offices in Abu Dhabi
In 2023, a number of cryptocurrency firms were expanding to the Middle East with a focus on Dubai and Abu Dhabi.
These firms included crypto businesses such as Copper, Paxos and eToro.
Hedge fund manager and billionaire Alan Howard has pitched Abu Dhabi as the next upcoming global financial centre.
The region has the best time zone to trade for macro money managers, reports Nishant Kumar from Bloomberg.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.