EXCLUSIVE: Hong Kong-based Metalpha is rebranding to push its crypto services to the forefront of its business. By egreechee.
Metalpha, which offers asset management and hedging services, is a limited liability company, 49% of which was owned by Bitmain-tied financial services firm Antalpha, and 51% of which was owned by Meta Rich Limited, which in turn was 100% owned by Dragon Victory International.Following the restructuring, Metalpha will become a wholly owned subsidiary of the listed company, which in turn will be renamed to Metalpha Technology Holding Limited .
. Its involvement in Metalpha not only enables it to be an investor in asset management and hedging space, but to use their products, too.Antalpha is also Metalpha’s largest customer, bringing in “over $100 million” in assets, Wang said.Antalpha did not respond to CoinDesk’s request for comment on this report.
Metalpha offers hedging services to institutional clients, about 20%-30% of which are mining firms, and the rest are other institutional investors like family offices, Wang told CoinDesk. The firm doesn’t serve clients in mainland China. “Because of the current market situation,” new entrants to the crypto market are “kind of hesitant,” Wang said; they either start with small trades as a test, or they open an account and wait for their preferred market conditions. So Metalpha is focusing on existing clients, mostly from the crypto space who are “very hungry for hedging solutions because they lost a lot of money [in this bear market].
However, even the cost of hedging can be prohibitive for some firms at the moment. “It's more like saving people that haven’t drowned yet,” said Wang.
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