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StoneX Group Inc. (NASDAQ: SNEX) has led a Series A funding round for Enhanced Digital Group Inc. (EDG), acquiring a minority stake in the digital asset derivatives provider as part of a strategic partnership between the two firms.
The partnership will see StoneX Digital, a division of StoneX, collaborate with EDG to expand their respective digital asset offerings. EDG is a provider of over-the-counter derivatives treasury solutions and structured products for digital assets.
Under the agreement, StoneX will utilise EDG's team expertise to offer digital asset options trading and structured products to its institutional client base. EDG's team brings over 100 years of combined cross-asset derivatives experience to the partnership.
EDG will leverage StoneX's digital asset spot and futures offering to deliver treasury management solutions to its clients. The partnership aims to bridge traditional and digital asset brokerage services, enabling clients to access investment strategies through exchange-traded funds, futures and native digital tokens.
StoneX Digital launched in June 2022 to provide institutional clients with digital asset trading tools and market access. The division operates within StoneX Group's broader financial services infrastructure.
EDG was founded by Chris Bae and Chet Sennik in 2021 to expand access to digital financial assets through bespoke structured solutions.
Brian Mulcahy, CEO of StoneX Digital
Brian Mulcahy, CEO of StoneX Digital, commented:
"StoneX continues to prove its willingness to innovate in support of its global client base. Within StoneX Digital, the goal remains: enable clients to safely and securely integrate a new asset class. By removing friction wherever possible and adding depth and breadth to our product offerings, StoneX Digital and StoneX Group continue to support client growth. This partnership will expedite our time to market to deliver a more robust suite of digital asset products to our institutional clients."
Eric Rose, Head of Digital Asset Execution at StoneX Digital
Eric Rose, Head of Digital Asset Execution at StoneX Digital, said:
“As demand for digital asset-structured solutions continues to grow globally, our partnership with EDG will enable StoneX and StoneX Digital clients to have greater access to digital markets and to manage risk efficiently in this nascent asset class.”
Chris Bae, CEO of EDG
Chris Bae, CEO of EDG, stated:
"We are proud to have StoneX lead our Series A and to partner with an institution of its stature. StoneX's breadth and depth strengthens our ability to deliver derivative solutions to the digital asset class. As the industry matures, this is the type of investment and partnership that speaks to the evolving intersection of traditional finance and digital assets."
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