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US digital asset manager Wave Financial snaps up Swiss crypto firm for Europe push

Wave’s acquisition comes amid ‘unprecedented demand’ from some investors for exposure to digital assets funds

A drop in crypto prices could spur a new wave of consolidation in the sector
A drop in crypto prices could spur a new wave of consolidation in the sector Photo: Getty Images

Wave Financial, a US-based investment manager overseeing $1.5bn, has acquired a stake in a Swiss crypto firm as part of an expansion into Europe's fast-growing digital assets market.

Los Angeles-based Wave, which provides crypto products to institutional and private wealth clients, has bought a minority stake in Criptonite Asset Management — the first step in a planned full-scale acquisition of the Geneva-headquartered firm later this year.

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