Crypto prime brokerage Floating Point Group secures VASP registration in Cayman Islands

Quick Take

  • Floating Point Group secured registration as a virtual asset service provider (VASP) in the Cayman Islands.
  • The company has about 100 customers and has surpassed $10 billion in cumulative customer trading volume.

Crypto-focused prime brokerage Floating Point Group has secured registration as a virtual asset service provider (VASP) in the Cayman Islands.

“With our current regulatory posture in the Cayman Islands and our business structure, Floating Point Group is able to hold customer assets safely and ensure that its customer's assets are protected from its own creditors in the unlikely event that the company becomes bankrupt,” the firm said in a press statement. 

Floating Point Group has about 100 customers and surpassed $10 billion in cumulative customer trading volume earlier this year, co-founder Kevin March said. It recently released a new crypto asset management platform called FlowVault.

Hoboken, New Jersey-based Floating Point Group was founded by MIT students in late 2017. The company closed a $10 million Series A round in September 2021 with participation from several investors, including Tribe Capital, Coinbase Ventures and Anthony Scaramucci. That funding followed a $2 million seed round backed by investors such as AngelList co-founder Naval Ravikant.

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