Global tech investor Fatfish Internet Group will throw US$250,000 (A$320,000) behind fintech venture builder Altairian Holdings, which is launching financial service businesses focused on regulated cryptocurrency space in the United Kingdom.
Altairian will initially launch a UK Financial Conduct Authority (FCA) – regulated Asset Management Company (AMC) focussing on cryptocurrencies and look to add further exposure with digital currencies based Robo-advisors and Prime Brokerage businesses.
Initially offering its services in the UK as an Asset Manager in accordance with FCA guidelines, the AMC will target professional investors seeking to invest in cryptocurrency and offer a range of funds.
The bulk (90 per cent) of Fatfish’s investment will go towards bringing the AMC into operation with the remainder for working capital.
Fatfish will also invest US$500,000 into the AMC’s flagship fund, the “Global Currencies Fund”. The deal places Fatfish at the forefront of UK-regulated cryptocurrency transactions between institutional investors.
Under the deal, Fatfish and Altairian will enter into a joint venture with Fatfish to be issued with 12.5 per cent preference shares in Altairian. Following issue of the preference shares, Fatfish can appoint a director to Altairian.
Fatfish said the investment was consistent with its activities as an internet venture builder and fintech incubator with investments in the cryptocurrency technology space.
Importantly, the company’s founders are experienced UK-regulated financial service professionals with over 40 years Wall Street experience including Michael Collett, former head of global investment banking firm Jefferies, and ex Citigroup, Standard Chartered and Richard Chandler Corp. executive James Harris.
Both Mr Collett and Mr Harris are supported by a team of quantitative analysts and blockchain developers.
Today’s news follows Fatfish’s recent $1 million seed investment into Kryptos-X cryptocurrency exchange.
Shares in Fatfish closed 2 per cent lower at 5c.