Floating Point Group announces FlowVault integration with leading digital asset fund administrator Formidium
Leading digital asset fund administrator Formidium integrates FlowVault™ into its Seamless Digital™ accounting system to automatically pull crypto trading and settlement activity, simplifying accounting and reporting for mutual customers of the two firms.
Hoboken, New Jersey, Sept 14, 2022 — Floating Point Group, a cryptocurrency prime brokerage with an institutional trading desk and settlement platform, today announced the integration of FlowVault, a technology-first prime brokerage platform, with Formidium, the global leader in digital assets fund administration. Mutual customers will be able to easily view and report FlowVault trading and settlement activity within Formidium’s Seamless Digital application without any intervention by the customer.
FlowVault provides immediate access to a broad set of leading exchanges, connecting institutional investors to a wide range of cryptocurrency venues with one onboarding. It’s this broad access that creates challenges for fund managers to track and report trading activities. With integration into Seamless Digital, all activity on FlowVault is easily accessible by Formidium for fund administration, fund accounting, investor services, and audit support. The integration of FlowVault and Seamless Digital consolidates reporting for activities across all crypto exchanges.
“We want to make working with cryptocurrency safer, faster, and easier, even as we enable more complex crypto trading strategies,” said Kevin March, Co-Founder of Floating Point Group. “This partnership with Formidium enables our customers to rapidly expand crypto trading, without worrying about the impact that growth has on their back office.”
First launched in June of 2022, FlowVault enables hedge funds, trading desks, and high frequency traders achieve superior returns by lowering trading fees, broadening access to exchanges, and protections from internal errors and external threats. Launched in 2020, Seamless Digital automates digital asset fund accounting with the ability to pull and cleanse large volumes of data from the blockchain pivotal to DeFi transactions.
“Fund administration can be a very human intensive exercise, but Formidium has created the world’s leading general ledger investment accounting system for digital assets,” said Shalin Madan, Co-Founder of Formidium. “Our partnership with Floating Point Group further widens Formidium’s leadership position for fund managers that want to significantly scale their crypto trading operations.”
About Floating Point Group
Floating Point Group is building secure and effortless access to cryptocurrency. FPG drastically simplifies the operations necessary for asset managers to deploy cryptocurrency-centric strategies at meaningful scale via two product lines: FlowVault, a secure settlement and transfers platform for safer exchange-based trading, and an agency execution desk — enabling blockchain foundations, venture capital firms, or hedge funds responsible and highly customized order execution structures. The company carries insurance for custodied cryptocurrencies and is regulated in both the U.S. and the Cayman Islands. The company is backed by Tribe Capital, Coinbase, Naval Ravikant and a host of institutional investors.
Formidium is a technology-enabled fund administrator based in Chicago, Illinois. Developed by Formidium Technologies, the firm leverages two applications: Seamless Investment Backoffice(^TM) and CommonSubDoc(^TM). Seamless is an award-winning, cloud-based, fund administration application integrating portfolio, fund accounting and investor reporting. CommonSubDocTM is an investor onboarding portal with extensive AML/KYC features and capital activity tracking using CRM technology. Formidium’s operations and technology are SOC 1, SOC 2, and SOC 3 audited, and it currently has over 1,200 staff across the globe.