The international financial solutions group has created a cryptocurrency unit to tap into investor need for advice in this space.

Geneva Management Group, a financial services and investments firm that started as a multi-family office 18 years ago, has plunged into the cryptocurrency space with a solutions unit aimed at this expanding area.

“In setting this new department up, GMG has created its own, secure e-wallet, allowing us to receive payment from clients in any recognised cryptocurrency,” Dave Elzas, chief executive, said.

“We witness an increasing interest in virtual currencies and blockchain technology among our clients, many of whom are entrepreneurs and extremely technology savvy. The successful solutions we’ve already provided to many of our clients in this field, enabled us to set up a strong internal team to serve this growing demand,” he continued.

The group said a lack of harmonised rules and infrastructure means that investors are urgently looking for advice on areas such as KYC checks and the convertibility of cryptocurrencies into fiat currencies such as the euro, dollar and sterling.

GMG said it is set up to invest in various blockchain projects, such as helping clients to structure initial currency offerings to raise capital via virtual currencies – such stopes require legal and tax advice.

This news service recently interviewed GMG about its business in Mauritius and views about that jurisdiction’s development as a financial hub.