Accel, Citigroup’s 1st venture capital investing group, and Citi Ventures have made six million dollars initial capital financing for a Hong Kong-based firm, Xalts. Xalts is a digital asset management company with Ashutosh Goel, being the co-founder, a former executive at META and a trader at HSBC Holdings. This investment was the first seed investment by Citi Ventures in a crypto firm.

Goel says that Xalts is for building innovative, institutional-grade products for investment and offers solutions that focus on control standards and high compliance, which institutional investors concentrate on. In digital assets, the subsequent growth will be an asset class driven participation of institutions. Goel states that there are a lot of signs of it, along with an initiative from asset managers and banks.

The managing director of Citi Venture, Luis Valdich, says that Xalts is the primary investment to support and create innovative products. He believes in meeting the appetites of investors looking for more robust and efficient investments in crypto access. To date, Citi Ventures has not revealed its investment amount.

Xalts, with multiple digital asset products like exchange-traded and mutual funds, relied on collaborations and several other asset management companies for its development. Accel has invested in Spotify and Facebook, and its investors are hedge fund managers and Polygon co-founder Sandeep Nailwal.

Visit our website to read the recent fintech news, insightful analyses, and updates on fintech events.