Digital asset firm Yield App has purchased Trofi Group, a wealth management platform that provides structured product solutions for cryptocurrencies, for an undisclosed sum.
Trofi Group currently employs a workforce that has altogether 30 years of experience of serving derivatives units at HSBC and J.P. Morgan.
Following the completion of the deal, the staff will join Yield App.
The deal also allows Yield App to include four new structured product strategies into its existing portfolio.
Once the deal is completed, Yield App will roll out a beta version of a dedicated investment app, dubbed Trofi, powered by Yield App.
The app will provide clients with access to Yield App’s initial crypto structured products under four strategies as well as other future products.
The four strategies include dual currency, range, sharkfin and target.
Through dual currency, Yield App helps investors with options to buy a cryptocurrency at minimal price at a prearranged time in the future.
The range structured product is designed to enable investors to create yield with the assumption that markets will continue to function within a definite price range.
Through target range of product, investors receive an optimistic update on the new price of a cryptocurrency.
Yield App CEO Tim Frost said: “The acquisition of Trofi Group establishes Yield App as a pioneer within the crypto structured products arena, making us one of only a few platforms to bridge the gap between traditional finance and crypto.”
“We are grateful to the team at Trofi for trusting us to continue their excellent work in bringing enhanced yield structured products to crypto.”