CoinShares Acquires Napoleon Group in The French Markets

CoinShares Acquires Napoleon Group in The French Markets
  • CoinShares is the first platform licenced with AIFM
  • On July 4 nearly $200 million was pulled from the Vauld platform

CoinShares, the European largest digital asset investment platform July 4, Monday, announced that they have acquired Napoleon assets management with approval from Autorité des Marchés Financiers (AMF), and it is the first platform licensed with the Alternative Investment Fund Manager (AIFM) directive since march 2019. The transaction was signed and completed on 30 June 2022.

Jean-Marie Mognetti, CEO of Coinshares tweeted that,

Coin Shares bought French crypto investment product provider Napoleon crypto SAS for $14.5 million in cash and stock in December 2021. On that day they announced 363,636 new shares at $12.25 each complete and deal. It was started in December 2021 and completed in June 2022.

Napoleon offers pre-made, non-custodial cryptocurrency portfolios that are suited to various investment objectives. With exchanges such as Binance, Bitfinex, Bitstamp, and FTX, the portfolios are integrated.

Crypto Lender Vauld Paused Withdrawals

Due to the bear market condition, most of the customers of the vauld platform which is more than $197.7 million have withdrawn since June 12. On July 4 nearly $200 million was pulled from the platform.

After the collapse of the Luna coin most companies like BlockFi, Celsius and others have taken the path of stopping the withdrawals, and Three Arrows Capital defaulted on their loans.

At the same, the vauld facing financial issues. According to the present situation, they decided to suspend all withdrawals, and Darshan Bathija retweeted that they are trying to resolve the problem.

This comes as FTX founder Sam Bankman-Fried, who has been called the lender of last resort in the current crypto sector, recently said he wants to look into buying some beaten-up crypto mining companies.

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