CI Financial has acquired a minority stake in Newton Crypto, as part of its investment in the Canadian crypto asset trading platform’s $20m Series B funding round.

The financial terms and size of the purchased stake were not disclosed.

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Newton’s fundraising round, which closed last week, took the firm’s market value to approximately $200m.

The platform enables users to on-ramp and off-ramp fiat, buy and sell a range of crypto assets, and withdraw or deposit crypto assets from any device.

The investment comes as CI seeks to launch crypto trading into its wealth management platforms.

It currently provides a range of cryptocurrency solutions including three ETFs and two mutual funds.

CI president and COO Darie Urbanky said: “This investment in Newton reinforces CI’s commitment to strengthen our leadership position in digital assets in Canada.

“Cryptocurrencies and blockchain are transforming the world of finance and we’re excited to expand access for investors to this growing category.”

Urbanky added: “We made this investment specifically to accelerate the timeline by which we can extend crypto trading capabilities to our wealth management clients.”

Crypto moves by other firms

This week, US-based robo-adviser Betterment marked its entry to the crypto space with the acquisition of cryptocurrency portfolio provider Makara.

Last December, Scalable Capital launched a new offering called Scalable Crypto for investing in cryptocurrencies.

The same month, Ritholtz Wealth Management signed a partnership with WisdomTree to rollout a new crypto index for retail investors.

In October 2020, US Bancorp introduced cryptocurrency custody services for institutional investment managers with private funds in the US and Cayman Islands.