StoneX Group acquired a minority stake in Enhanced Digital Group this week, leading the digital asset firm's Series A funding round. The strategic partnership expands StoneX's institutional crypto capabilities following its recent MiCA license approval from the Central Bank of Ireland.
Enhanced Digital Group, founded in 2021 by Chris Bae and Chet Sennik, specializes in bespoke OTC derivatives and structured solutions for digital assets. StoneX Digital, launched in June 2022, provides institutional clients with access to digital assets through ETFs, futures, and native tokens.
The collaboration enables StoneX to leverage EDG's derivatives expertise while providing EDG access to StoneX's spot and futures platform. Brian Mulcahy, CEO of StoneX Digital, said the partnership will "enable clients to safely and securely integrate a new asset class" and expedite delivery of digital asset products to institutional clients.
StoneX's investment follows its receipt of a Crypto-Asset Service Provider licence under the European Union's Markets in Crypto-Assets Regulation. The firm also operates Forex.com, which recently launched 24/7 cryptocurrency CFD trading to eliminate weekend gaps in market access.
EDG's team brings more than a century of combined derivatives experience to the partnership. The firms expect to develop more sophisticated crypto derivative trading solutions for institutional clients seeking structured products across traditional and digital markets.
Eric Rose, head of digital asset execution at StoneX Digital, noted growing global demand for digital-asset structured solutions makes the partnership timely. The move aligns with broader industry trends as brokers expand crypto offerings amid rising market volatility.
StoneX's retail brand Forex.com extended trading hours for approximately 160 stock CFDs alongside its crypto expansion. Other brokers including Hantec Markets and CMC Markets have made similar moves to provide continuous market access in the digital asset space.
