DENVER, July 27, 2020 /PRNewswire/ -- MG Stover, the largest digital asset fund administrator, finalized an agreement with Coin Metrics this month, giving clients the option of a trusted secondary pricing source.
MG Stover's Head of Blockchain and Digital Assets, Seth Altman, says that "As more institutional investors evaluate the space, we go above and beyond to support institutional measures. One part of that is utilizing and collaborating with other service providers that share that same mission."
Tim Rice, CEO of Coin Metrics, agrees and adds "Given price variability across crypto exchanges, having a reliable whole-market fixed price is important for the proper valuation of institutional portfolios. MG Stover's move brings greater rigor to the space."
Coin Metrics is a comprehensive financial data provider for digital asset institutions. Their CM Reference Rates platform streams USD price benchmarks and provides transparent, reliable pricing for more than 200 digital assets. Rates are produced either hourly with human review or automated in real-time every second. The technology adheres to IOSCO Principles of Financial Benchmarks and all calculation methodologies are governed by an oversight committee.
MG Stover is a third-party administration firm that services hedge, private equity and venture capital funds. Since entering the space in 2014, the firm is now the largest digital asset administration firm by both AUM and number of funds. With separately dedicated teams and technologies in place, they provide the full suite of administration services for both open and closed end cryptocurrency and blockchain funds.
SOURCE MG Stover