FTX US, the US subsidiary of FTX, acquired Embed Financial Technologies as part of a deal aimed at strengthening the company’s IPO.
In the announcement on Tuesday, FTX US saidIt will buy Embed Financial Technologies and its subsidiary, Embed Clearing, for an undisclosed amount. The agreement is in accordance withCompany announcement in MayTo launch a stock trading platform, FTX Stocks is partnering with Embed Clearing to “execute, clear, and custody” user accounts and trades.
According to FTX US President Brett Harrison, the acquisition of clearing company will provide the technology and infrastructure to facilitate the IPO of the FTX Stocks platform, and has been beta testing for select US customers since May. The report says it will be available to customers in all countries this summer.
Embed Clearing is a member of the Financial Industry Regulatory Authority, Depository Trust Company, National Securities Clearing Corporation, Nasdaq, and Investors Exchange. In addition to Embed, FTX US acquired cryptocurrency derivatives platform LedgerX in August 2021 as part of the acquisition. One of the offering options and futures contracts Bitcoin (BTC ) and Ether ( ETH ).
FTX CEO Sam Bankman-Fried also said the exchange will continue to hire new staff, in contrast to crypto firms Coinbase, Crypto.com and Gemini, which have all announced layoffs.
The post FTX US Acquires Embed Financial subsidiary of stock trading platform appeared first on Bitcoin Addict.