PolySign Inc., the U.S.-based digital assets fintech, has agreed to acquire MG Stover, a U.S.-based alternatives administrator with >USD40bn in digital assets under administration, believed to the world’s largest. The acquisition will enable PolySign “to deliver a comprehensive, vertically integrated custody, trading and administration offering to institutional investors for cryptocurrency and digital assets”. PolySign expects to complete the acquisition of MG Stover in Q2 2022.
Alongside this acquisition, PolySign will complete its Series C capital raise, adding new investors to its shareholder base, including Soros Fund Management, Brevan Howard, and GSR. Cowen Digital will also add to its equity position.
The acquisition follows major developments in 2021, when the PolySign’s wholly-owned subsidiary, Standard Custody & Trust Company, LLC, received its trust charter from the New York Department of Financial Services. Prior to this, PolySign announced a strategic partnership with Cowen Digital, Cowen Inc.’s digital asset division. Cowen and PolySign have since integrated PolySign’s digital banking technology into Cowen’s sales and trading platform. These advances have enabled PolySign to provide institutional investors with secure, compliant access to the digital asset market.