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CoinShares acquires French crypto asset supervisor Napoleon AM

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Major European digital asset supervisor CoinShares is finalizing the acquisition of the French fintech agency Napoleon Group regardless of the continuing market decline.

CoinShares introduced on July 4 that the agency has acquired Napoleon Asset Management, a digital asset administration subsidiary of Napoleon Group.

CoinShares beforehand entered right into a sale and buy settlement (SPA) to accumulate the complete issued share capital in Napoleon Crypto SAS for 13.9 million euros ($14.5 million) in November 2021.

The newest acquisition got here shortly after the French monetary regulator, Autorité des Marchés Financiers (AMF), licensed the acquisition of Napoleon AM on June 28. CoinShares subsequently proceeded with the transaction pursuant to the phrases set out within the group SPA on June 2022.

Paris-based Napoleon AM was launched after finishing an Initial Coin Offering (ICO) in late 2018, elevating over $10 million by the sale of NPX tokens. The agency has acquired the Alternative Investment Fund Manager (AIFM) license and have become one of many first European asset managers to be financed by an ICO and included below French legislation.

In late 2019, Napoleon AM launched a regulated Bitcoin (BTC) fund, the Napoleon Bitcoin Fund.

The acquisition of Napoleon AM permits CoinShares to supply AIFM-compliant services, along with being a serious issuer of crypto exchange-traded merchandise in Europe. The license permits the agency to offer market companies throughout the European Union, increasing CoinShares’ merchandise with algorithmic buying and selling and synthetic intelligence instruments developed by Napoleon AM.

The transaction is one more piece of proof that CoinShares continues scaling regardless of the continuing market decline, CoinShares CEO Jean-Marie Mognetti informed Cointelegraph, stating:

“CoinShares continues to grow despite market conditions. The bear market is an opportunity to solidify positions and build new products and services.”

According to the CEO, having an AIFM-regulated entity in CoinShares’ group is necessary as a result of it’s “one of the most demanding licenses.”

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“CoinShares has always been at the forefront of regulation, it is a strong advocate of regulation in the digital asset industry and has an extensive list of regulated products and services,” Mognetti added.