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Despite the continued market slump, the primary European digital asset management CoinShares is closing the acquisition of the French fintech business Napoleon Group.
The acquisition of Napoleon Asset Management, a digital asset management division of Napoleon Group, was announced by CoinShares on July 4.
In November 2021, CoinShares will buy the whole issued share capital of Napoleon Crypto SAS for 13.9 million euros ($14.5 million).
Shortly after the French financial regulator, the Autorité des Marchés Financiers (AMF), sanctioned the acquisition of Napoleon AM on June 28, the most recent transaction occurred. In June 2022, CoinShares executed the transaction following the parameters outlined in the group SPA.
Napoleon AM was established in late 2018 after completing an initial coin offering (ICO) that raised over $10 million through the sale of NPX tokens. The company got the alternative investment fund manager (AIFM) license. It became one of the first European asset managers to be funded by an initial coin offering (ICO) and established under French legislation.
In 2019, Napoleon AM introduced the Napoleon Bitcoin Fund, a regulated Bitcoin (BTC) fund.
The purchase of Napoleon AM enables CoinShares to provide AIFM-compliant products and services in addition to being Europe’s largest issuer of crypto exchange-traded products. The license enables the company to offer market services within the European Union, enhancing CoinShares’ offerings with algorithmic trading and artificial intelligence solutions created by Napoleon AM.
CoinShares CEO Jean-Marie Mognetti told Cointelegraph that the transaction is more evidence that the company is continuing to expand despite the current market downturn.
Despite market circumstances, CoinShares continues to expand. The bear market is a chance to strengthen positions and develop new goods and services.
According to the CEO, CoinShares must have an AIFM-regulated organization as it is “one of the most rigorous licenses.”
Mognetti continued, “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.”