The Lydian Group announced that it would be helping to launch the "first ESG Crypto Fund" with the help of US-regulated Crosstower. This is not the first such fund, as professionals have been following this idea for a few years, convinced that bitcoin and decentralised finance bring a lot to the "S" and "G”--providing easier access to the banking and financial system and offering more transparent governance.
Ninepoint launched the first ESG crypto ETF in April 2021 in Canada with the idea of setting aside a portion of its revenues to offset the energy cost of bitcoin mining. Less than six months later, Modular Asset Management did the same in Singapore, where it is regulated, and so did Lightbulb, which had inspired its two sponsors.
We watched as this industry, which has enormous potential to change global finance, was brought to a dangerous state by a lack of professionalism and transparency.
In the case of 's $400m project (which also has his loyal supporter by its side), the idea is to invest in companies that have a dimension that is either environmental (in managing energy costs, given the reduced asset pricing and overall cost of energy), social (to get away from "the greed of a few players [...] and put people and the democratisation of finance back at the centre") and governance (an appropriate board structure; checks and balances on related parties and traditional business expertise).
"We have observed how this industry, which has enormous potential to change global finance, has been brought to a dangerous state by the lack of professionalism and transparency in managing vast amounts of client assets," commented Lopez. "Over the past 25 years, we have always supported the invocation of technology with experienced real-life management. We have generated billions of dollars in returns for our stakeholders, while building solid businesses that work over time. The choice of people to manage Crosstower and the experience of our board members are all necessary for the group to succeed in helping this industry regain its required strength and reliability."
Crosstower acquires Bequant
"This is a critical moment and an exciting moment," echoed his partner, Greg Fishman. "Poor companies are being cleaned up, paving the way for promising technology stacks, pure web3.0 and decentralised virtual worlds. By uniting Crosstower and Bequant, we are creating an organisation built on security, transparency and trust. In the next market cycle, the entire industry needs to focus on building for people."
For at the same time, announced the acquisition of Bequant, a Malta-regulated institutional trading and prime brokerage platform. The acquisition "strengthens Crosstower's presence in the institutional market with 600 professional clients generating over $400bn in annual revenue," the press release said.
This story was first published in French on . It has been translated and edited for Delano.