FTX US will acquire Embed Financial Technologies to enhance the institutional share trading offering.
In an official announcement on June 21, FTX US said it would buy Embed Financial Technologies and its subsidiary, Embed Clearing, for an undisclosed amount.
The deal follows the announcement that the exchange will launch 0% commission stock trading through its FTX Stocks platform as well as open a stablecoin securities payment gateway this past May.
FTX US President Brett Harrison announced that the acquisition of Embed Financial Technologies will provide the technology and infrastructure to facilitate the exchange’s stock offering. In fact, FTX Stocks has been tested for some customers in the US since May. However, the platform will be available to all users in the country in the next few months.
In addition to Embed Financial Technologies, FTX US acquired crypto derivatives platform LedgerX in August 2021 as part of its ambition to offer options and futures on Bitcoin (BTC) and Ethereum (ETH).
Although the market is still struggling with the current extreme conditions, FTX CEO Sam Bankman-Fried confirmed that the exchange will continue to expand and prepare to spend billions of dollars more to make acquisitions. Notably, the FTX boss is also one of the most prominent whales who are saving the market during this difficult period.
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