Rothschild-Backed Venture Capital Firm Invests In Crypto Enterprise Aspen Digital

RIT Capital Partners Plc. — a venture capital firm backed by Jacob Rothschild — co-led the funding round of crypto platform Aspen Digital.

What Happened: According to a Wednesday Reuters report, RIT Capital Partners led the $8.8 million fundraising round along with blockchain venture capital firm Liberty City Ventures.

Other investors include members of Thailand's richest family, Fortune magazine owners Chatchaval Jiaravanon, and Chaval Jiaravanon.

Aspen Digital's Co-founder Yang highlighted the significance of securing an investment from a member of the Rothschild family, noting that "to have the oldest wealth management family in the world putting trust in us as a platform solution for the new world of crypto investment is a great validation."

The firm is developing an online platform that aims to allow wealthy customers to manage their crypto investments. He told Reuters that he would use the newly-raised capital to reach London through a new expansion push.

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Aspen Digital plans to offer yield-generating products such as stablecoin-backed savings accounts, automated strategies comparable to quant strategies, and buying and holding cryptocurrencies.

The company hopes to assist family offices and asset managers in Europe, Asia, and the Middle East in building a diversified crypto portfolio while also taking care of compliance and bearing the counterparty risk.

That's not RIT Capital Partners' first crypto investment; it previously invested in the United States crypto exchange Kraken. The Venture Capital firm's largest shareholder is Jacob Rothschild, who holds a 12.39% stake.