[ad_1]
FTX US is deepening its hold as it looks to hit it off on the right foot with regulators concerning its new stock product offerings.
In doing this, the firm has announced the acquisition of Embed Financial Technologies Inc., including its wholly-owned subsidiary Embed Clearing LLC for an undisclosed sum.
According to the trading platform, the acquisition is subject to customary closing conditions and regulatory approvals. The acquisition is mutually beneficial for both companies as FTX US brings massive capital to help Embed scale and meet its brokerage and clearing obligations.
The company offers brokerage services and APIs to licensed brokers and registered investment advisors. Prior to this time, it counted FTX US as one of its numerous clients. The startup is a new FINRA, DTC, NSCC, Nasdaq, and IEX member clearing firm.
“As I mentioned when we launched FTX Stocks, our new equities and ETF trading platform, our goal at FTX is to provide a comprehensive trading application that spans all asset classes,” said FTX US President, Brett Harrison, “For equities and options trading this necessarily includes services such as clearing and custody, and our partnership with Embed showed us that they have built excellent technology and infrastructure to provide these services. We’re looking forward to working together to integrate both our teams and our technology as we continue to build FTX Stocks.”
FTX US is growing amongst the ranks, and it became a unicorn back in March when it raised the sum of $400 million at an $8 billion valuation.
The trading platform has a distinct interest in Mergers and Acquisitions (M&A) activities. The acquisition of Embed is not the first of its kind, as it completed the purchase of LedgerX, a Commodity Futures Trading Commission (CFTC) regulated clearing house.
Image source: Shutterstock
[ad_2]
blockchain.news
