Old Street Digital (OSD), a crypto-based asset management startup, has obtained $2.8m investment in a Seed funding round.

The round was led by venture capital company Draper Associates and saw participation of Plassa Capital as well as other venture capital and angel investors throughout Europe, Asia and the US.

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In addition, senior executives from UK Asset Management industry took part in the round.

OSD plans to use the new capital to develop various crypto funds for professional investors.

Old Street Digital CEO Paul Ridley said: “There is enormous opportunity for institutional investors in digital assets but they need a credible product offering from experienced professionals they can trust. 

“We’re building a crypto asset manager to fill this gap with a range of actively-managed funds in an accessible fund structure.”

The company rolled out its firs fund this quarter and aims to open a new fund in the fourth quarter.

OSD noted that its CIO Gary Clarke is a ‘leading’ equity portfolio manager in Europe with 27 years of experience.

Earlier, Clarke was associated with major fund managing firms including BlackRock, Schroders and J.P. Morgan Asset Management.

Old Street Digital chief operations officer Nic Basson said: “In any new and complex asset class, top-tier technology, security and systems are key.

“Delivering crypto asset exposure in a familiar fund structure is not without its challenges but the platform we are building offers an institutional-grade option for professional investors.”

Founded by Paul Ridley, Gary Clarke and Nic Basson, OSD is involved in the development of an entity, which unites traditional asset management with crypto asset class, for the institutional investors.