CoinVantage Joins Picks & Shovels to Develop an Institutional Investor Crypto Asset Management System
According to multiple analysts in the crypto world, institutional investors stand to make a major impact in the flourishing (and survival) of the crypto world.
While some platforms are making small efforts to bring them in, there are two first that have decided to collaborate in their efforts to make crypto-asset management easier on these institutional investors – CoinVantage and Picks & Shovels.
CoinVantage used to be a subsidiary of MG Stover, which is an accounting firm. Picks & Shovels offers investment tools to the crypto industry. However, the two will become one new entity, which they are calling Interchange.
Interchange is still small with only eight people on staff, but their software products have the scalability to help over 100 clients at the moment. The target audience includes fund administrators, hedge funds, and digital exchanges.
Crypto asset management systems aren’t exactly the most attractive of all of the components of the blockchain system, but the right development makes them incredibly profitable. Most financial institutions are pushing their way into the blockchain industry, which makes it import for Interchange to provide a software product that exceeds their performance of those competitors.
The co-founder and CEO of Picks & Shovels, Matt Gilligan, said, “We’ve been working very diligently, and now we have these partners that are going to catapult our knowledge and lend expertise that is very rare.”
Up until today’s annoucement, CoinVantage had remained a subsidiary of MG Stover, which was one of the earliest players to come into the crypto space for management.
It was the first of many to provide support for funds with digital assets, dating back four years. CoinVantage wasn’t launched until 2017.
Founder and CEO Matt Stover of MG Stover said, “The merger with Picks & Shovels is going to allow the firms to combine systems to create a superior product. We’re really excited about Interchange being one of the leaders in the tech space for digital assets.”
Picks & Shovels was created as an effort between Galligan, Dan Held, and Clark Moody. These three parties have combined knowledge of technology involved in social platforms, the media, and cryptocurrency. Held even wrote a series on Bitcoin’s history as a four-part project for CoinDesk and was responsible for creating ZeroBlock.
As institutional cryptocurrency grows in popularity, it is highly likely that a merger like this one could be a trendsetter next year. Galligan added,
“I think there will be a general theme around making participation in this asset class easier for institutions. Portfolio accounting and reporting is a necessary function, no matter the state of the market.”
At this point, Galligan is keeping his lips zipped about the financial arrangement involved in the deal. Stover will continue his work as CEO with his own company but will be on Interchange’s board of directors. From there, MG Stover will use Interchange as a software platform.
To increase the staff of Interchange, Galligan has announced their search for engineers on staff.