Showcases Libra’s Ability and Commitment to Provide Critical Solutions to Fund Administrators Through Its Unique Product Suite
Releases New Capability to Support Fund Administrators in Striking NAV for Hedge Funds Holding Crypto Assets
New York — July 9th, 2018 — Libra, the premier provider of middle and back office technology and data services for the crypto asset ecosystem, today announced the launch of its new offering for fund administrators and the growth of its customer portfolio.
Trident Trust and Theorem Fund Services are now live on the Libra Crypto Office platform, with Apex Fund Services, North Street Global, and Stonegate Global Fund Services on-boarding their initial hedge fund clients. Additionally, another ten fund administrators are currently in the contracting process.
Libra also announced it is providing fund administrator customers the timely information required to support the striking of daily net asset values (NAV). IronChain Investment Trust I and IronChain MiX10 Partners LP, crypto index funds managed by IronChain Capital, are the first two funds to utilize this capability to support ongoing daily deposits and/or redemptions.
This expansion demonstrates Libra’s position as a leading technology provider to fund administrators, a critical stakeholder in the crypto ecosystem. Libra Crypto Office continues to gain traction as it automates the creation of the audit-ready financial and operational data required to execute necessary accounting and regulatory processes.
“Libra is a strategic partner and plays a crucial role in supporting Theorem’s growth plans as more and more funds deploy capital into crypto assets. Our business model requires relentless research into selecting systems that automate manual processes. The Libra Crypto Office platform automatically executes the accounting processes required for Theorem to provide world-class service for our hedge fund clients who hold crypto assets,” said Mikhail Davidyan and Stephen Giannone, Founders of Theorem Fund Services.
“Trident is an established global leader in fund administration with a number of our existing hedge fund clients already holding crypto assets. In order to provide service to our existing clients while executing on many new global opportunities, we needed to find the right crypto technology partner. Libra’s platform has delivered, and we look forward to working with Libra to support hedge fund managers who require an experienced administrator with global reach,” said Dan Smith, President of Trident Fund Services.
“Fund administrators face a myriad of challenges when dealing with crypto transactions; namely, how to efficiently collect, reconcile and transform crypto transactional data into audit-ready performance and financial information. The Libra Crypto Office platform is a proven solution to these challenges and enables administrators with an exciting new growth opportunity – – providing service to funds that hold crypto assets,” said Jake Benson, Founder and CEO of Libra.