A crypto investment firm backed by a family office, Deus X Capital, has finalized plans to acquire HAYVN, an institutional digital assets firm, for an undisclosed sum.
Deus X Capital disclosed that it has reached a mutual agreement with HAYVN shareholders to procure the company’s brand, technology, clientele, and workforce. The deal is slated to be concluded before March 28, 2024.
HAYVN, headquartered in Abu Dhabi, operates as a crypto trading firm specializing in over-the-counter (OTC) transactions and custody services for digital currencies. In 2022, media outlets extensively covered HAYVN’s efforts to attract investors for a Series B funding round, with intentions to eventually go public, according to reports from Reuters.
This acquisition presents a strategic opportunity for the crypto investment firm to extend its footprint in the Middle East. In December, it was revealed that HAYVN’s CEO, Christopher Flinos, resigned unexpectedly under undisclosed circumstances.
Richard Crook has been appointed as the new CEO of HAYVN, with a primary objective of driving business expansion. Prior to his tenure at HAYVN, Crook served as the COO at BCB Group, a digital assets payments company, and held key roles such as head of emerging technology at RBS investment bank and various senior management positions at UBS, the Swiss investment bank.
Tim Grant, CEO of Deus X Capital, expressed their dedication to furnishing institutional clients with essential services to leverage the present and burgeoning opportunities in digital assets. Grant emphasized the significance of HAYVN in their strategic vision and reaffirmed their commitment to the Middle East region in a press release.
Why Crypto Execs Are Opening Offices in Abu Dhabi
During 2023, several cryptocurrency firms embarked on expansions into the Middle East, concentrating primarily on Dubai and Abu Dhabi. Among these firms were prominent names in the crypto industry, including Copper, Paxos, and eToro.
Hedge fund manager and billionaire Alan Howard advocated for Abu Dhabi as the emerging global financial hub. According to reports by Nishant Kumar from Bloomberg, Howard highlighted the region’s advantageous time zone for trading, particularly appealing to macro money managers.
