“The Wild West is kind of over!” chuckles , convinced that the big crypto scandals are behind the players in this new area of business. “You have to look at all the announcements and--beyond the tariffs--see how US president Donald Trump signed .” In other words, to hold cryptoassets for their customers or themselves, even when these assets often still have a lot of volatility, without having to recognise them in their own liabilities but according to the usual accounting rules in asset custody.

There is the international context, recalled the day before by the programme manager of the Cambridge Digital Assets Programme, Christopher Jack, and by the partner Global AWM Market Research Centre Leader of PwC Luxembourg, Dariush Yazdani, and by the research manager of the Luxembourg House of Financial Technology (Lhoft), Oriane Kaesmann, at an event . And there’s the question of opportunity. Enter: 6 Monks (6M).

“I joined 6M as an independent director,” Buck explains, “because crypto is really going to explode! All over the planet, restrictions on crypto have been eased. Big players are jumping in. And in the midst of all this, even when banks feel like offering cryptos or crypto funds to their customers, quite often they have no idea how to do it. Yet with 6M, we have a player, the first in Luxembourg, regulated by the CSSF, an AIFM capable of offering a white-label fund or sub-fund to local banks.” And what applies to banks also applies to funds, VCs or even professional investors. “It’s a solution that can be set up quickly from an operational point of view, including for insurers who are also very keen on the idea.”

Up to banks to develop their strategies

Connected to the technology and connected to the marketplace, Buck wears two very interesting hats in this context. “The timing is perfect! Because at the beginning, the banks laughed when we talked to them about this. The yo-yo of cryptos had calmed down a bit but the whole context is changing the situation.”

As with traditional investments that an individual goes to a bank to look for, 6M’s new independent director predicts that there will be several products, depending on the client’s appetite for risk. “Some people will want 80% bitcoin and 20% ethereum, whilst others will be looking for a more aggressive mix. Banks will no longer have to say ‘sorry, we don’t have any products to offer you directly,’ but will be able to look after their customers,” he explains. Similarly, customers will have to look at their exit options. “It will be up to the bank or entity to decide on its strategy. The bank might say, ‘you can’t get your money out for six months,’ or it might decide that you can get it out every 15 days! It’s up to each one to implement their strategy to add value for their customer.”

6M’s executive director and head of risk management, , welcomed Buck to his board. “A recognised entrepreneur with a deep knowledge of private equity and venture capital, as well as a track record in building successful startups, he brings many very valuable insights to a company like ours. At 6M, we are fully focused on building a bridge between traditional finance and crypto investments and Xavier’s vision aligns perfectly with our mission to bring innovation to the sector.”

At the age of 14, Buck founded a computer club that gathered up to 1,500 members, marking his first steps into the digital world. In 1996, he became an entrepreneur in the internet sector. In 2000, he co-founded Datacenter Luxembourg, a company specialising in data hosting. Two years later, he launched EuroDNS, a domain name registrar that has established itself as a major player in domain name management worldwide. In 2022, he co-founded the Luxembourg Startup Association, an organisation designed to represent and support Luxembourg startups, which has now become Pulse.

First AIFM regulated in this sector

Founded in 2021, 6 Monks in March 2024 became the to specialise in offering dedicated services for third-party funds focussed on private equity, Web3 and cryptoassets, in accordance with Alternative Investment Fund Managers Directive (AIFMD) regulations. It works with partners such as Zodia Custody to ensure the secure custody of digital assets.

In addition to its executive director, 6M is supported by Quentin Werlé (head of portfolio management, specialising in audit and fund management); Julie Bourgeois (head of legal and compliance, with expertise in fund structuring and financial transactions); Robin Ledoux (head of fund administration); and Christophe Pilz (head of compliance, with a strong background in regulatory compliance and internal controls).

This article was originally published in .