Market Insights
Article by Sue Ann Sim
Both companies to develop new institutional digital offerings, QCP also plans to expand to Abu Dhabi
QCP and Further Ventures partnership signing
Abu Dhabi, UAE & Singapore, 17 April 2024: Today, on the eve of Token2049 Dubai, QCP, a global digital asset trading firm and market maker with close to $60b in annual trading volumes in 2023, and Further Ventures, a leading venture building and investment firm backed by Lunate and Mastercard, jointly announced a strategic partnership aimed at expanding digital asset innovation.
Abu Dhabi and the UAE are fast becoming the global hub for digital asset and blockchain adoption, driven by the convergence of institutional capital with an agile regulatory framework designed for next generation market participants. [1]Last month, Abu Dhabi Global Market (ADGM) announced that their assets under management rose by 35%, with 102 asset managers managing 141 funds operating there as of end 2023. [2]An October 2023 report by Chainalysis found that the majority of cryptocurrency transactions in the UAE comprised large institutional investments, followed by transfers for professional investments and institutional investments.
Tapping into the immense growth potential in Abu Dhabi, QCP and Further Ventures are partnering to launch new financial and derivative product offerings combining QCP’s considerable experience in digital asset trading and Further Ventures’ licensed broker-dealer and custodial platforms. On the back of this partnership, QCP is expanding to Abu Dhabi with plans to establish a presence in Abu Dhabi Global Markets as its jurisdiction of choice. More details will be announced at a later stage.
Melvin Deng, CEO, QCP shared that, “Increased institutional adoption in digital assets combined with exponential growth of traditional AUM present a compelling and untapped opportunity for QCP to expand in Abu Dhabi, supported by our partnership with Further Ventures. We greatly value Further Ventures’ deep expertise and passion to develop the ecosystem as we grow our industry leadership in institutional digital assets.’
This collaboration brings together QCP’s market-leading and deep institutional capabilities in digital asset trading with Further Ventures’ investment expertise and extensive portfolio such as Tungsten and Fuze.
Faisal Al Hammadi, Managing Partner, Further Ventures added: “We chose QCP as a preferred partner to deepen our reach in the institutional digital assets ecosystem and to bring compelling new investment products to the market. Combining QCP’s extensive expertise in financial and derivative products and market making and Further’s market leading distribution through companies like Fuze and Tungsten will solidify the UAE as the jurisdiction of choice to trade and settle digital asset investment products.”
QCP
Established in 2017, QCP is one of the first digital asset trading firms in Singapore, with a vision to partner the next generation of investors to unlock institutional opportunities in digital assets.
QCP brings to clients deep expertise gained from thriving through multiple market cycles. A global market maker in digital asset derivatives with a vast network of liquidity providers and counterparties, we are shaping the future of digital asset markets through greater access and efficiency. We offer a range of tailored derivatives and spot trading as well as structured solutions to institutional, professional and accredited investors.
An early-stage investor in crypto and blockchain, QCP’s portfolio includes core trading infrastructure, exchanges, data and token ecosystems. Headquartered in Singapore, QCP is supported by over 70 professionals in trading, business development, operations, risk and compliance teams.
QCP’s insights cover weekly trading updates, monthly and quarterly views, and can be accessed on our official social platforms such as Telegram, Twitter, LinkedIn and more.
More information can be found at qcpgroup.com.
Further Ventures
Further Ventures is a venture building and investment firm based in Abu Dhabi. We created Further to be the ultimate institutional co-founder. We make concentrated capital commitments, work proactively with regulators, build software, forge partnerships, and bring our collective expertise to make sure our ventures have the best chance to become category leading companies. Our companies are changing how businesses borrow capital, employees save for retirement, financial institutions interact with virtual assets, and other activities at the frontier of regulatory policy and technology
More information can be found at further.ae.
Press contacts
QCP
+65 8218 1052
Sue Ann Sim
Marketing & Communications
Further Ventures
[1] https://www.adgm.com/media/announcements/abu-dhabi-the-capital-of-capital-ends-2023-with-adgm-as-the-regions-fastest-growing-ifc
[2] https://www.chainalysis.com/blog/cryptocurrency-gains-by-country-2023/ and https://blockworks.co/news/uae-institutional-crypto-chainalysis
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