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Portofino Technologies Receives FCA Approval as Registered Cryptoasset Firm
Portofino Technologies announced on Tuesday that its UK entity received the regulatory permit to act as a registered crypto asset firm. The company stated that its UK subsidiary has been listed as a crypto asset by the Financial Conduct Authority (FCA). As a result, Portofino Technologies will expand its services as it is now able to trade cryptocurrencies with institutional clients. The company hinted at an expansion of the institutional client base resulting in the approval.
The Importance of Crypto Regulation in Protecting Investor Assets
This latest development secures Portofino’s place as a company registered to offer OTC services in Switzerland and the UK. The move is also part of the company’s plan to ensure compliance in regulated markets globally. Authorities have implemented tougher rules in both institutional and retail markets after unfortunate events in the sector, requiring firms to obtain regulatory approval and fulfill several requirements and disclosures before offering cryptocurrency-related services. The primary aim of this regulation is to protect investors and the financial market from fraud cases and prevent losses.
Portofino Technologies’ Expansion and Investment
Portofino Technologies is a Switzerland-based firm that provides crypto trading infrastructure in the market. Last year, the company announced a $50 million investment to build financial technology to power crypto assets. The firm has also raised over US$50 million in equity funding from Valar Ventures, Global Founders Capital, and Coatue. This substantial investment highlights the company’s commitment to growth and innovation in the crypto space.
Executive Outlook and Optimism
The executives at Portofino have expressed optimism and confidence with the recent regulatory milestone going into the UK market. Co-founder and Chief Operating Officer, Alex Casimo, stated that the firm can expand its institutional client base as investors look towards regulated entities. Celyn Armstrong, Portofino’s General Counsel and Head of Compliance, emphasized the firm’s commitment to stringent regulatory compliance and risk management standards, instilling confidence in both traditional finance and digital asset clients.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
