Signed NEM/Symbol protocols as first client earlier this month
Valkyrie Investments, a leading investment manager focused on digital assets, announced that it has launched a protocol treasury management service to help blockchain projects better manage their balance sheets.
Blockchain protocols are able to take advantage of services including cash flow management, proprietary investing, advanced reporting, and more, from a trusted name in digital and traditional asset management. This frees up the developers who often run these projects to focus on what they’re best at and leaves the administration of their war chest to professional asset managers.
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“Treasury management services have long been available to corporate clients through traditional financial firms,” said Valkyrie Investments CEOÂ Leah Wald. “This is the first such offering of its kind for companies in the digital asset space and represents another milestone in the institutionalization of this rapidly growing asset class.”
Engaging with a professional money manager to oversee the assets held by emerging and established companies in the blockchain space, which often number into the hundreds of millions of dollars, brings an additional level of trust to projects and provides the fiduciary responsibility to act in the best interest of the client.
The first protocol to partner with Valkyrie to take advantage of this new treasury management offering is NEM/Symbol, two layer-one (L1) protocols that announced their merger last year. This collaboration was the result of the NEM/Symbol community agreeing via vote to appoint Valkyrie as the overseer of their treasury.
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“Partnering with Valkyrie was an easy decision for us, as a community,” said NEM/Symbol project lead Hatchet. “They are by far the most qualified asset manager we spoke to, and we couldn’t be more proud to lead the way as the first such protocol to help move our industry standards further into the right direction.”
Ultimately, the NEM/Symbol communities hope to achieve a number of goals from their merger that include but are not limited to being used as an alternative form of payment in Asian countries including Japan, Korea, and beyond; plus other projects including a NFT marketplace, a bounty and tipping platform for creators, and a loyalty and rewards card for businesses. Enabling the core team to focus on integrating these two blockchains was a major motivator in partnering with Valkyrie.
This launch comes on the heels of Valkyrie Investments recently announcing it has surpassed $1 billion in assets under management, and only weeks after the firm’s newest exchange traded fund, launched on Nasdaq, the third in a family of thematic Bitcoin-adjacent ETFs managed by Valkyrie Funds.
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