Digital asset management provider xalts has secured $6m investment from Citi’ venture capital investing arm and venture capital firm Accel.

Sandeep Nailwal, co-founder of crypto platform Polygon, and other hedge fund managers also made investments in xalts.

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xalts was set up early this year by former HSBC trader and the firm’s chief investment officer (CIO) Ashutosh Goel and ex-Meta Asia executive and the company’s chief operating officer (COO) Supreet Kaur.

The investment management and technology platform promotes participation of institutional investors in the crypto ecosystem.

Goel said: “What came to the forefront this past summer in several large crypto firms was a lack of basic controls, checks and balances which most of us take for granted in the financial industry.

“With xalts, we are building innovative, institutional-grade investment products and solutions which focus on high compliance and control standards—things institutional investors care about.

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“The next leg of growth in digital assets will be driven by institutional participation in the asset class. We are starting to see the early signs of that with a lot of new initiatives coming from banks and asset managers.”

xalts plans to roll out fund solutions that are driven by various digital assets such as mutual funds and exchange-traded funds (ETFs) listed on exchanges across the globe.

Kaur said: “Apart from investors, we are also seeing a lot of interest from fund managers and issuers to use our platform to launch structured and fund products for their clients.

“We expect to build a team of 30 by the end of this year across our offices in Hong Kong, Singapore, Dubai and Geneva.”