CoinShares, one of Europe’s largest digital asset managers, has acquired Napoleon Asset Menagement, a subsidiary of French fintech firm Napoleon Group.
According to a July 4 press release, digital asset investment firm CoinShares has received approval from France’s financial markets authority, with crypto asset manager Napoleon acquired Napoleon Asset Menagement, its subsidiary.
CoinShares partnered with Napoleon in November last year. a $14.5 million had signed the deal.
Jean-Marie Mognetti, CEO of CoinShares, made the following statements on the subject:
After the recent events in the digital asset industry, the need for regulation of cryptocurrencies to evolve has never been clearer. For this reason, we are very happy to have made this purchase with the approval of the financial markets institution. Incorporating the company into our group is a step we take to protect investors’ assets.
Paris-based Napoleon launched its native cryptocurrency NPX through an IPO in 2018. 10 million dollars earned income. Funded by the company’s public offering one of the first European digital asset managers is said to be one.
Like nearly all crypto firms affected by the bear market, Napoleon’s revenues dwindled. In the balance sheet statement made in May, the company In the first quarter of 2022 compared to the previous year their income fell by 45% stated.