West Realm Shires
Incorporated, the owner of FTX US, a US-regulated cryptocurrency exchange, has
announced its ongoing acquisition of Embed Financial Technologies, the parent company
of clearing firm Embed Clearing LLC.
The firm disclosed this on Tuesday in a press statement. However, the company did
not disclose the price of the acquisition.
The exchange also noted
that the take-over is dependent on the satisfaction of customary closing conditions
and regulatory approval.
According to FTX US,
Embed specializes in providing white label brokerage services and application
programming interface to broker-dealers and registered investment advisors.
The exchange said the
acquisition will allow it to provide white label brokerage services to businesses, applications, and users of FTX Stocks, its equities and
exchange-traded fund trading platform.
“The acquisition signals
the company’s intention to expand the financial services it offers to US
customers and will enable it to route, execute, clear, and custody all
customer equities and options accounts and trades through use of Embed’s
infrastructure and licensure,” FTX US explained in the statement.
‘A Common Goal’
FTX US in the statement
said it shares a common goal with Embed.
Brett Harrision, FTX US’
President, said the exchange was looking forward to integrating its team and
technology with those of Embed “as we continue to build FTX Stocks.”
Harrison further noted
that the company’s goal is to provide a comprehensive trading application that
cuts across all asset classes.
“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,” he added.
On his part, Michael
Giles, the Founder and Chief Executive Officer of Embed, believes that the
acquisition will enable both companies to come up with an industry-leading
securities and crypto solutions.
Giles noted that this
“was previously sorely lacking” in the trading industry.
The CEO also shares a sentiment similar to those of Harrison. They both believe their companies share similar identities.
“Our teams have a shared
vision and dedication to building from the ground up to democratise access to
financial services, and Embed’s latest securities technology is the ideal
complimentary to FTX’s leading crypto solutions,” Giles explained.FTX’s Recent MovesFTX recently acquired a Canadian crypto platform. According to a press statement announcing the acquisition, the firm is registered as a restricted dealer under the securities laws of all provinces and territories in Canada. The exchange also recently launched a subsidiary in Japan to offer customers a platform for spot and derivatives trading. Headquartered in Tokyo, FTX Japan is a licensed crypto services provider and Type 1 Financial Instruments Business license holder approved by the Financial Services Agency (FSA) in Japan.
This article was written by Solomon Oladipupo at www.financemagnates.com.
