SSW Group launches private cryptocurrency fund
The SSW Group, which carries out proprietary trading in the asset classes of equities, ETPs and bonds, has launched a flagship private cryptocurrency fund as part of its expanding digital asset offering. The fund is managed in Gibraltar by SSW Group.
Founded in 2004, the Germany-based group focuses on liquidity provision, with automated trading and efficient scalability, which the company has developed into an algorithmic-trading pioneer. The group combines state-of-the-art hardware with co-locations across the world to develop intelligence trading strategies.
In addition to traditional asset classes, SSW Group has now expanded its trading business also to crypto tokens and derivative products based on these tokens.
Dr Reto Gregory-Petersen and Jonas Hoeflich, managing directors of SSW Group, says: “We have always been focused on developing new technologies and expanding our algorithmic trading business to new asset classes. The launch of our new crypto trading fund with our highly skilled employees based in Gibraltar and the intelligent scalable trading software developed by CrypoStruct GmbH will help us to continue on that journey and to become a global key player in crypto and crypto derivatives trading.”
Dr Julian Harm, managing director of the fund, adds: “Not only will the fund benefit from the long-time experience which our Gibraltar employees have gained within SSW Group in the field of algorithmic trading and the development of sophisticated trading strategies, but we will also benefit from Gibraltar’s attractive business environment and its clear tax system, as well as a progressive ‘right touch’ approach to regulation that puts us in the right place to stay ahead of the evolving fund industry. The fact that earlier this year, in a report of the global crypto hedge fund landscape from PwC and Elwood Asset Management, the jurisdiction was ranked as the 3rd highest jurisdiction of choice for crypto hedge fund managers, only behind the US and UK, reconfirms our initial decision to set up the fund in Gibraltar.”
The team at SSW Group was advised by leading Gibraltar law firm and FinTech experts ISOLAS LLP. Led by partners Joey Garcia and Jonathan Garcia, the team’s expertise in both funds and distributed ledger technology ensured that SSW Group chose the right structure in a private fund, which are extremely flexible and can be tailored to suit individual requirements.
Domiciling its new cryptocurrency trading fund in Gibraltar has provided SSW Group numerous benefits, including legal certainty on the tax regime applicable to transactions in digital assets, as well as a dynamic and its progressive ‘right touch’ approach to cryptocurrency regulation and legislation.
Gibraltar combines these with its longstanding appeal as a centre of excellence in blockchain-based finance. Earlier this year, in a report of the global crypto hedge fund landscape from PwC and Elwood Asset Management, the jurisdiction was ranked as the third highest jurisdiction of choice for crypto hedge fund managers, only behind the US and UK. This is coupled with the expert advice from ISOLAS LLP, a leader within blockchain legislation and the ongoing discussions on the regulation of distributed ledger technology.
Jonathan Garcia, ISOLAS LLP Partner and head of the firm’s investment funds practice, says: “In recent years we have seen a huge evolution within the fund's industry, both in terms of assets held and the desire to locate in jurisdictions that are, not only easy to do business in, but respected, trusted and modern.
“SSW Group’s decision is a reflection of Gibraltar’s strengths in these areas, and we are looking forward to continuing our relationship with them and to welcoming even more funds, new and old, to the rock thanks to Gibraltar’s accessible and flexible re-domiciliation legislation.”
ISOLAS LLP has been at the forefront of the development of blockchain law, advising established players such as LMAX Digital and Huobi, Xapo, Bitso and LMAX to their Gibraltar DLT licenses, and taking part in the global conversation on digital assets across a variety of organisations.
Joey Garcia, ISOLAS LLP Partner and head of the FinTech practise, adds: “It is great to welcome yet another established business to Gibraltar, seeking to offer exposure to digital assets through a fund structure that also takes into account the specific features of the asset class. The new fund is a further vote of confidence in our evolving and respected regulatory model which has always been aimed at setting and maintaining the highest, purpose built standards. The successful launch of the fund is a testament to the work of the team at SSW Group, as well as, of course, our expert team here at ISOLAS.”