Flourish, a MassMutual-owned fintech company, is launching a service that allows registered investment advisors (RIAs) and their clients to invest in bitcoin, the firm announced Thursday.
- The service, named Flourish Crypto, is being launched in partnership with Paxos, the infrastructure provider that connects traditional payment services to cryptocurrency markets. Paxos completed a $300 million funding round in April and also has deals with PayPal and Interactive Brokers.
- Ben Cruikshank, head of Flourish, said the move is a result of rapidly growing demand by institutional investors and their clients for exposure to digital assets.
- “We’ve heard from countless advisors that they are fielding questions about crypto on a daily basis – and that they don’t have the right solutions to meet this growing client demand or to compete with offerings from retail trading platforms and wirehouses,” Cruikshank said in a statement.
- MassMutual, a giant of the insurance industry, acquired Flourish in February following a $100 million investment in bitcoin and the purchase of a $5 million equity stake in NYDIG in December 2020.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.