Crypto prime brokerage Floating Point Group secures VASP registration in Cayman Islands

Crypto-focused prime brokerage Floating Point Group has secured registration as a virtual asset service provider (VASP) in the Cayman Islands.

“With our current regulatory posture in the Cayman Islands and our business structure, Floating Point Group is able to hold customer assets safely and ensure that its customer’s assets are protected from its own creditors in the unlikely event that the company becomes bankrupt,” the firm said in a press statement. 

Floating Point Group has about 100 customers and surpassed $10 billion in cumulative customer trading volume earlier this year, co-founder Kevin March said. It recently released a new crypto asset management platform called FlowVault.

Hoboken, New Jersey-based Floating Point Group was founded by MIT students in late 2017. The company closed a $10 million Series A round in September 2021 with participation from several investors, including Tribe Capital, Coinbase Ventures and Anthony Scaramucci. That funding followed a $2 million seed round backed by investors such as AngelList co-founder Naval Ravikant.

The Cayman Islands Monetary Authority recognized the company’s subsidiary Floating Point Group International as a registered VASP on April 21, according to a government database. The self-governing British territory passed a law in 2020 to establish a regulatory framework for digital assets, known as the “VASP Law.” 

“It is incredibly important right now, of all times, to lean into the regulatory frameworks that have been provided for us in each of the places we do business,” John Peurifoy, Floating Point Group CEO and co-founder said in a statement. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.

Source: https://www.theblock.co/post/163369/crypto-prime-brokerage-floating-point-group-secures-vasp-registration-in-cayman-islands?utm_source=rss&utm_medium=rss