FINANCIAL MANAGEMENT

PolySign Purchases Digital Asset Fund Administrator MG Stover

PolySign | April 18, 2022

Poly_Sign_Purchases
PolySign Inc. announced signing an agreement to acquire MG Stover for a combination of cash and PolySign stock. The acquisition is a part of its ongoing efforts to improve the quality and breadth of digital asset infrastructure available to institutional investors. MG Stover is the industry trendsetter in digital fund administration, with an impressive client base record of more than $40 billion in digital assets under administration. By doing this, it has become the world's largest industry by far.

PolySign can now provide institutional investors with a comprehensive, vertically integrated custody, trading, and administration offering for cryptocurrency and digital assets by acquiring MG Stover's best-in-class fund service capabilities. In addition, this near-term development accelerates PolySign's product development plan and paves the way for future service enhancements.

In addition to this acquisition, PolySign will also gross its Series C capital raise by adding new shareholders such as Brevan Howard, Soros Fund Management, and GSR to its shareholder base. Cowen Digital will also increase its equity position.

MG Stover will be responsible for PolySign's industry-leading digital asset custody and trading offerings for institutional investors. The acquisition was made looking at PolySign's notable developments in 2021, when its wholly-owned subsidiary, Standard Custody & Trust Company, LLC, received its trust charter from the New York Department of Financial Services— one of the world's most developed and well-respected digital asset regulators.

PolySign had formerly announced a strategic partnership with Cowen Digital, Cowen Inc.'s digital asset division. This also led PolySign's $53 million Series B round of funding. PolySign's next-generation digital banking technology has been integrated into Cowen's innovative, non-conflicted sales and trading platform. PolySign has provided institutional investors with secure, compliant access to the multi-trillion-dollar digital asset market due to these advancements.

Matt Stover, Founder and CEO of MG Stover is widely regarded as a visionary in our industry. We are enchanted to gain his expertise as a shareholder and a core member of our leadership team."

PolySign CEO Jack McDonald

Our success in developing institutional best practices for the digital asset ecosystem has aided in the growth of a sector with over $2 trillion in assets. Joining the PolySign team will strengthen our core fund administration offering while also allowing us to develop new capabilities that will shape how institutions engage in digital assets for years to come.

Matt Stover, Founder and CEO of MG Stover.

PolySign is supposed to complete the acquisition of MG Stover in Q2 2022. Macquarie Capital and Cowen served as financial advisors, with Perkins Coie and KL Gates serving as legal counsel for PolySign; Houlihan Lokey served as financial advisors, and Bryan Cave served as legal counsel to MG Stover.

Spotlight

Gold-Rated Dodge & Cox Income stands out for its relatively patient and, at times, contrarian approach to investing. The managers, who average 21 years of experience, start with an investment horizon of three to five years. They run a fairly compact, mostly cash-bond portfolio. The team tends to favorite corporates, noting that the yield advantage offered by the securities is an important contributor to total returns over time.

Spotlight

Gold-Rated Dodge & Cox Income stands out for its relatively patient and, at times, contrarian approach to investing. The managers, who average 21 years of experience, start with an investment horizon of three to five years. They run a fairly compact, mostly cash-bond portfolio. The team tends to favorite corporates, noting that the yield advantage offered by the securities is an important contributor to total returns over time.

Related News

CORE BANKING

CIBC Initiates $12 Millionto Help Phorest Salon Software in Accelerating Business Growth

CIBC | March 10, 2022

CIBC Innovation Banking is excited to announce that it will finance Dublin-based Phorest Salon Software (“Phorest with $12 million) to accelerate business growth. Phorest Salon Software is a leading online booking and management software provider for salon owners. Phorest will expand its market position and accelerate its strategic products with the help of capital. CIBC Innovation Banking has provided incredible support to our team at Phorest over the years. We’re thankful for their assistance through this growth structure, which will empower our immediate market development plans and accelerated product initiatives.” Jonathan Miller, VP of Finance at Phorest. Phorest’s software is being used by over 155,000 clinical, hair, and beauty professionals across 8,500 businesses, and the counting is still increasing after the initiative by CIBC. The software enables salon teams to focus on their passion as well as business growth by lowering the administrative burden. Phorest is actively in the path of enabling best-in-class salon marketing tools and wants to enhance every section of the salon for customers to gain optimum experience in the future. From online bookings salon applications to stock controls through payments and eCommerce will be the real goal for Phorest through its latest innovative software. We’re proud to be supporting Phorest as they continue to scale their offerings for hair, beauty, and clinic professionals. Phorest and its team have provided solutions to thousands of businesses in the industry, and we look forward to seeing how they grow through the development of new strategic products.” Sean Duffy, Managing Director in CIBC Innovation Banking’s London, UK office.

Read More

PAYMENTS

Payments and DeFi-centric Blockchain, Fuse Network, Announces Major Integration with Sushi

Sushi | January 19, 2022

In a major milestone for the project, a leading payment and decentralized finance (DeFi) blockchain player, Fuse Network, today announced their integration with leading mutlichain DeFi protocol Sushi. This comes after rapid platform and ecosystem growth for Fuse. Launched in 2020, Sushi's components include a decentralized exchange (DEX) protocol, the Kashi lending protocol, the BentoBox dApps ecosystem, the xSUSHI staking platform, the Miso initial DEX offering (IDO) platform and the upcoming Shōyu NFT marketplace. Sushi's native SUSHI token powers the platform's governance and is used to reward the liquidity providers on the incentivized trading pools on SushiSwap. As part of the integration, the SushiSwap automated market maker (AMM)-based decentralized exchange (DEX) and the liquidity provisioning interface have been deployed to the Fuse Network blockchain. At a later stage, the Kashi lending network and Miso initial DEX offering platform will be added. In order to bootstrap liquidity to the new major DEX, Fuse will also launch liquidity rewards programs on certain trading pools on SushiSwap. The exact trading pools and details of the program will be announced separately. Sushi is a multichain powerhouse in the DeFi space that was among the technology's pioneers before it was cool. Sushi's extension to Fuse is testimony to the progress that Fuse has made since its launch and its unique value proposition as a mobile-centric blockchain platform." Fuse Network CEO Mark Smargon About Fuse Fuse is a platform featuring a fast and low-cost, Ethereum-compatible blockchain, a robust plug-and-play mobile-centric crypto payments infrastructure for creating token-based applications and a rapidly growing ecosystem of payments, decentralized finance and NFT projects. About Sushi Sushi is a leading all-in-one DeFi platform and ecosystem running on multiple EVM-compatible blockchains. At its core it relies on the AMM-based DEX SushiSwap that is listed in the top 5 DEXes by trading volume. Sushi's community governance is powered by the protocol's native SUSHI token.

Read More

Codat Sets its Path for Strategic Investments from PayPal Ventures and American Express Ventures

Codat, PayPal, American Express | March 03, 2021

Codat is going to set a path towards strategic investments from PayPal Ventures and American Express Ventures. Before, Amex Ventures and PayPal joined as investors in Codat's Series A Index Ventures. And now with the new investments, Codat also launched its U.S. operations. Codat, being a fintech startup, has been powering the small and medium business data ecosystem for a while. Codat's API connects the tools and services which small businesses often need for their operations. It also handles the heavy lifting of integrations, which leaves providers free to focus on improving their offerings for small businesses. In this agreement, Codat founder and CEO Peter Lord mention it is an exciting moment to have American Express Ventures and PayPal Ventures as investors. They will make life easier for small businesses. As it is known that small businesses are the backbone of global economies, so in the next few years, there will be a spectacular acceleration in the quality of financial products they are offered. By this, it will be a more connected ecosystem. The new investors further fuel ambition to improve operations for SMBs everywhere. Codat, founded in London in 2017 supported small- and medium-sized businesses. It provided a critical data exchange between SMBs and financial institutions and fintech. Codat customers include insurers, lenders, point of sale software, providers working in payments, debt collection, corporate cards, automation, venture capital, and expense management. On the same note, Dana Eli-Lorch, Managing Director at Amex Ventures says small businesses continue to seek more intuitive financial services solutions. And Codat's integrations have the potential to create value for financial providers. Also, it will help to deliver enhanced experiences and more efficient services for small and medium businesses. In addition, Zettle, a PayPal payments company leverages Codat's technology. Because it will transfer point of sale transaction data into their merchants' accounting software. This will further help Zettle to deliver a faster, more convenient experience for customers in the future. ABOUT CODAT Codat is the fintech startup powering the SMB data ecosystem. Codat's API connects the tools and services that small businesses need for their operations and handles the heavy lifting of integrations—ultimately leaving providers free to focus on improving their offerings for small businesses.

Read More