Singapore-based blockchain technology solutions provider ChainUp Group has acquired Lion City-based Bedrock Trust for an undisclosed sum.
Bedrock is a licensed fund management company regulated by the Monetary Authority of Singapore (MAS) and provides asset and wealth management services to family office clients.
Following the deal, Bedrock will expand its financial services offering to include exposure in digital assets, while ChainUp will bolster its regulated wealth and asset management services.
The two firms had already entered into a strategic partnership earlier in 2022.
Sailor Zhong, chief executive and executive director of ChainUp Group, said: “This acquisition will widen the range of solutions that ChainUp provides to our valued clients. In addition to our newly announced board of directors, this also further demonstrates our continued commitment to regulatory compliance and developing the blockchain ecosystem in Singapore and the region.
“This is a thrilling milestone, as ChainUp and Bedrock work together to make blockchain technology accessible to businesses everywhere, from Singapore to the world.”
Serena Choo Shu Hui, chief executive and founder of Bedrock, added: “This is a great opportunity for us to leverage ChainUp’s expertise and explore new opportunities in the digital assets space as we observe growing interest from our clients in this area. Through this partnership, we will be able to expand our offerings to better serve our clients in this ever-evolving landscape.”