The digital asset broker FalconX has acquired a majority stake in the parent company of the encryption hedging fund Monarq.

On June 2, Bloomberg reported that digital asset broker FalconX had acquired a majority stake in the parent company of multi-strategy crypto hedge fund Monarq Asset Management, in a move aimed at expanding its asset management services. Terms of the transaction were not disclosed. Austin Reid, head of global revenue and business at FalconX, a privately held company based in San Mateo, California, said the investment provides the company with the opportunity to expand its institutional client base beyond hedge funds, proprietary trading firms and asset managers.