Cambridge investment firm Cambridge Asset Management has confirmed it is investing £1 billion in a “significant” new investment account to help support the growth of its digital services business.
Cambridge Asset Management said the new fund would provide access to the funds of “many other leading UK and European investment firms”.
Cambridgeson Investment Group, the firm behind Cambridge Asset, said it will invest “at least” £1.3 billion of the new account.
Cambridge is the first private firm to invest in a digital asset fund, which is one of a growing number of firms that offer digital asset investors access to funds that will be managed by banks.
The fund will be called Cambridge Digital Asset Management (CDAM), and will be used by investors to access funds that are managed by the UK’s largest financial institution, the Bank of England.
The fund has been designed to help Cambridge grow its digital assets business, which has seen it grow to become one of the UKs largest digital asset providers.
Its assets include its cloud-based platform, Cambridge Digital Exchange, which provides a marketplace for trading digital assets.
However, Cambridge’s digital services are currently run from a subsidiary of Lloyds Banking Group.
According to Cambridge’s press release, the new investment will be an “investment in Cambridge’s emerging digital assets industry, including the ability to access and invest in new, emerging digital asset businesses”.
In the last financial year, Cambridge invested £1,074 million, which the company said was an increase of “several million pounds” on the previous financial year.
In a separate release, Cambridge Asset said it had a “massive” investment in the UK digital assets market and had already received an offer of a further £3.1 billion.
As well as funding, Cambridge said it would be working with other investment firms to create new digital assets businesses in other countries.
This would be done through the use of new digital asset products and services, Cambridge added.
It added that its investments in the digital asset market had already contributed “more than £1 trillion to UK GDP”.
“We are committed to continuing to invest and support the development of the Cambridge Digital Currency Business, which we believe will deliver the greatest return to investors over the next decade,” it said.
For the full release, click here.
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