Crypto asset technology provider Libra has seen uptake from 15 fund administrators for its middle- and back-office services.
Trident Trust and Theorem Fund Services have gone live on the Libra Crypto Office platform, with Apex Fund Services, North Street Global, and Stonegate Global Fund Services on-boarding their initial hedge fund clients.
Libra has said a further 10 fund administrators are currently in the contracting process.
Libra’s Crypto Office platform automates the creation of the audit-ready financial and operational data required to execute accounting and regulatory processes.
“Fund administrators face a myriad of challenges when dealing with crypto transactions; namely, how to efficiently collect, reconcile and transform crypto transactional data into audit-ready performance and financial information,” said Jake Benson, founder and CEO of Libra.
“The Libra Crypto Office platform is a proven solution to these challenges and enables administrators with an exciting new growth opportunity – providing service to funds that hold crypto assets.”
The tech provider has also announced it is providing fund administrator customers the timely information required to support the striking of daily net asset values (NAV).
Crypto index funds managed by IronChain Capital have been the first two funds to use the capability to support ongoing daily deposits and redemptions.
“In order to provide service to our existing clients while executing on many new global opportunities, we needed to find the right crypto technology partner,” said Dan Smith, president of Trident Fund Services.
“Libra’s platform has delivered, and we look forward to working with Libra to support hedge fund managers who require an experienced administrator with global reach.”