Galaxy Digital UK, the subsidiary of Mike Novogratz-led Digital Asset Financial Services Firm’s application for a license to perform derivatives acting in the UK, is approved by the Financial Conduct Authority (FCA).

The company’s investment banking arms will also use the Galaxy Digital UK’s FCA permit to provide capital assembly and investment banking services, according to a statement on Wednesday. The Galaxy UK subsidiary will also support its asset management company with fund distribution activities.

Galaxy Digital UK is on the FCA’s register for investment companies that are for companies authorized to perform MiFID investment services or activities. Galaxy also joined the FCA Krypto register in 2021.

“London is a critical financial hub, and this permit allows us to elaborate on our presence in the UK and adapt to our mission to bridge traditional funding with the digital asset ecosystem,” said Leon Marshall, CEO of Galaxy Europe and the global sales manager.

The United Kingdom has attracted cryptic companies such as Coinbase, Bitpanda and most recently awarded Blackrock a castle on his crypto register.