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MassMutual-Owned Fintech Flourish to Offer Bitcoin Investment Service to Advisors
Flourish Crypto is being launched in partnership with Paxos, the infrastructure provider that connects traditional payment services to cryptocurrency markets.
By Eli Tan
Updated May 11, 2023, 7:04 p.m. Published Sep 30, 2021, 4:49 p.m.
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.
Read more: MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake
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