Coinbase-Backed Securitize Set to Acquire Crypto Investment Platform Onramp Invest
Securitize, a firm that specializes in tokenizing private investments, is all set to acquire the crypto investment platform Onramp Invest.
The Informant reported Onramp's team of 18 is all set to integrate into Securitize's existing workforce of 150.
Securitize, backed by companies like Coinbase Ventures, Morgan Stanley, Blockchain Capital, Ava Labs, Borderless Capital, IDC Ventures, has raised over $120 million in funding so far.
Onramp's Chief Operating Officer, Ashton Chaffee, noted that the deal was a pragmatic response to the tough financial climate faced by many players in the crypto market.
This strategic merger is seen as a byproduct of pre-existing business ties between the two firms and the current challenging fundraising landscape within the cryptocurrency sphere.
Securitize has a track record of collaborating with industry giants such as Hamilton Lane and KKR to tokenize private investments.
In an email to The Block, Securitize's CEO, Carlos Domingo, emphasized the broader implications of OnRamp Invest’s acquisition, pointing out how it opens doors for registered investment advisors (RIAs) to access a diverse range of alternative asset classes through Securitize's portfolio, spanning private credit, private equity, and more.
The CEO further underlined that the amalgamation of Securitize and Onramp aligns with the mission of democratizing private capital markets and broadening the reach of top-performing alternative assets.
The latest acquisition comes at a time when merger and acquisition (M&A) activity in the cryptocurrency sector has witnessed a slowdown, mirroring the broader global trend.
The first half of the year saw a sluggish pace of deal-making, with data from Refinitiv indicating a 38% drop in global
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