MassMutual’s Flourish to offer crypto investment solutions
Flourish, a fintech company under the umbrella of US insurance giant MassMutual, announced on the 30th that it will provide investment services for Bitcoin to registered investment advisors (RIAs) and their clients.
Flourish offers solutions to investment advisors registered with regulatory agencies. It has partnered with Paxos, a cryptocurrency infrastructure company from NY, to launch a cryptocurrency-related service called ‘Flourish Crypto’ that will tap into the growing demand among financial advisory clients for bitcoin.
Ben Cruikshank, Head of Flourish, said in a press release:
“We listened to our clients and built Flourish Crypto with the flexibility advisors need around integrations, trading, branding, and compliance. Advisors can now keep these assets within their orbit and offer a crypto solution as part of each client’s holistic financial plan.”
The new service will provide institution-level custody services by Paxos Trust Company. It will provide custody services, stablecoin issuance, and cryptocurrency brokerage services as a blockchain infrastructure platform.
Paxos also provides a broker service to PayPal’s cryptocurrency trading service. Currently, the total amount of assets under management is said to amount to $11 billion.
Walter Hessert, Head of Strategy at Paxos, said:
“We are excited to support the needs of RIAs and their clients through our partnership with Flourish. We’ve built the leading regulated blockchain infrastructure platform with robust security so that our clients have confidence in the safety of their digital assets.”
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow