Portofino Technologies announced Tuesday that its UK-based entity has received regulatory approval to operate as a registered crypto asset company.
The company informed the Financial Conduct Authority (FCA) that its UK subsidiary has been listed as a cryptocurrency asset.
After being allowed to trade cryptocurrencies with institutional clients, Portofino Technologies plans to expand its resources. The approval came as the company proposed to expand its institutional client base.
The development protects Portofino’s position as a company registered in Switzerland and the UK for OTC services. To ensure global compliance in regulated markets, the move is also part of the company’s strategy.
Stricter regulations have been introduced in the institutional and retail markets as a result of unfortunate events in the industry. Before they can provide cryptocurrency services, companies must obtain regulatory approval after meeting a number of conditions and disclosing a range of information.
This is aimed at preventing losses in the market, protecting investors and the financial market itself from cases of abuse. Portofino Technologies is a Swiss company that provides a market-based infrastructure for cryptocurrency trading.
Last year, the company announced a $50 million investment to develop financial technology to power crypto assets.
The press release reads: “Two former Citadel Securities leaders, Leonard Lancia and Alex Casimo, have founded Portofino Technologies and raised more than $50 million in equity funding from Valar Ventures, Global Founders Capital and Coatue.”
Portofino executives expressed optimism and confidence about the recent regulatory milestone introduced in the UK market. As investors turn to regulated entities, the company can increase its institutional client base, said Alex Casimo, co-founder and chief operating officer.
He added that the company hopes to strengthen its position among global market makers in the regulatory digital asset market. General Counsel and Chief Compliance Officer Celyn Armstrong expressed a similar view, adding that the company’s traditional and digital asset clients have full confidence in the company’s regulatory standards.
