Technology and innovation have always been driving principles of NAV, so being at the forefront of servicing innovative products like cryptocurrencies is a natural fit for us.
OAKBROOK TERRACE, Ill. (PRWEB) February 27, 2018
NAV Fund Administration (NAV), a global leader in hedge fund and private equity administration, continues to see growth in their cryptocurrency hedge fund administration business and has developed a module in their proprietary technology platform to specifically support cryptocurrency funds. “Technology and innovation have always been driving principles of NAV, so being at the forefront of servicing innovative products like cryptocurrencies is a natural fit for us,” says Nav Gupta, CEO at NAV.
To date, NAV has built API connectivity with more than 70 cryptocurrency exchanges in order to independently retrieve transaction and pricing data directly from the exchange. They have also established relationships with several qualified cryptocurrency custodians, and have implemented controls to address the complexities for verifying ownership on both public and private blockchains, and hot and cold wallets. “This is a complex market that presents a number of operational and compliance challenges that are new to the hedge fund industry,” said Ravi Gupta, Account Manager at NAV. “We have invested a considerable amount of time and resources developing a service model and technology solution capable of overcoming these challenges.”
NAV already has several clients investing in cryptocurrencies or ICOs, and a significant number of upcoming launches and prospective clients in the pipeline. While they have made significant progress in solving the complexities of this market, there is more work to do. “This is still a developing market that is changing every day. We recognize that to be successful in servicing cryptocurrency funds, we must adapt to those changes and continue to invest in research and technology,” said Gupta.
More information on NAV’s cryptocurrency fund administration service can be found on their website at https://www.navconsulting.net/Fund-Administration-Cryptocurrency-Funds
About NAV Fund Administration Group
NAV Fund Administration Group (“NAV”) is a fund administrator with over 25 years of experience in providing a comprehensive fund service offering including, accounting, reporting, investor servicing, and middle and back-office support to the hedge fund industry. NAV is ranked among the top 10 fund administrators in the world by number of funds. With assets under administration of US$65 billion, NAV employs over 500 people that serve a global client base of over 800 clients. NAV is differentiated in the industry by its independence, proprietary technology and client retention.