Cryptocurrency technology provider Libra has closed a $15 million Series B round of funding as it looks to build out its core middle- and back-office product for fund administrators.
The round brings Libra’s total funding to $24.8 million.
Last month, The TRADE Crypto reported that Libra had seen uptake from 15 fund administrators as more crypto hedge funds look to established service providers.
Libra confirmed that 11 of these are now under contract.
Libra’s Crypto Office platform automates the creation of the audit-ready financial and operational data required to execute accounting and regulatory processes.
Speaking to The TRADE Crypto, Jake Benson, founder and CEO of Libra, said institutional investors are now starting to view crypto as “just another asset class.”
“As a consequence, there is now a tremendous focus on implementing enterprise-grade infrastructure and processes in order to secure their investment,” added Benson.
“Libra’s products are purpose-built to support the absolutely highest levels of functionality and security and as such has seen significant acceptance by fund administrators.”
Benson said the investment will allow Libra to release new products and services which will support its fund administrator, trading operations and crypto exchange platform customers.
A number of incumbent providers have stepped into the crypto fund administration space, while in July, North Street Global established the first crypto fund-only fund administrator, launching with $700 million in cryptocurrency assets under administration from around the world.
Others providing services include Trident Trust, Apex Fund Services and Stonegate Fund Services.
Apex – the largest fund administrator to confirm offering crypto fund services – said to Global Custodian that it offers cryptocurrency fund administration on a “very selective and risk adjusted basis” and that the company turns away over 90% of the opportunities they look at
Meanwhile, Northern Trust confirmed it is providing certain administrative functions for select hedge fund clients by recording cryptocurrencies as “assets held away.
Stonegate said it believed itself to be one of the first firms to begin providing fund formation and fund administration services to crypto funds back in 2015.
Other players such as Triple Leo Consulting, NAV Fund Administration Group and Theorem Fund Services are also offering services.