Cor Prime, a recently launched crypto prime broker and part of Deus X
Capital, appointed seasoned finance executive Tim Bevan as its CEO. The move
comes as the firm gears up for its go-live phase and positions itself as a
regulated player in institutional digital asset lending.
Industry Veteran Returns to Prime Brokerage
Bevan takes over from Deus X Capital CEO Tim Grant,
who had been acting as CEO during Cor Prime’s build-out phase.
“Very excited to have joined Cor Prime as CEO”, Bevan announced
on LinkedIn. “It’s an incredibly talented group of people dedicated to
delivering what the digital assets market desperately needs: access to
wholesale finance through sophisticated & regulated global infrastructure.”
Bevan most recently served as CEO of ETC Group, a
crypto ETF issuer, for four years. He exited the firm following its acquisition
by Bitwise in late 2023. Before that, Bevan led BCS Global Markets’ UK
operations and oversaw global prime services for seven years.
Targeting Global Expansion
Based in London, Cor Prime aims to offer principal and
prime lending services to institutional players in digital assets. The firm is reportedly
seeking regulatory approval in Bermuda and Abu Dhabi, where it intends to be
initially licensed. It also plans to operate globally, targeting
institutions with wholesale finance needs through a risk-managed
infrastructure.
Last year, Alexander Royle, a long-time expert in
financial market regulations, joined Cor Prime. Earlier, Royle spent over five
years with two prominent European regulatory commissions, the UK’s Financial
Conduct Authority and the European Securities and Markets Authority.
Grant was appointed as CEO of the new project, and
the firm’s launch was officially announced after Deus X successfully closed its
first equity funding round. Moreover, the company has committed up to $100
million of risk capital to the business.
“Digital asset markets are starved of the risk capital, and we see a major opportunity to oxygenate this market by unlocking new
sources of capital,” commented Grant. “Institutional investors need a safe,
sensible investment opportunity backed by a next-generation risk paradigm that
they understand before they can enter new markets and help them grow, and that
is exactly what we will be launching within 2025,” commented Grant.
This article was written by Jared Kirui at www.financemagnates.com.
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