FTX US has acquired Embed Financial Techologies, a clearing firm specialising in providing white label brokerage services and APIs to broker-dealers and investment advisors.
The price of the acquisition was not disclosed and the purchase is anticipated to close pending satisfaction of customary closing conditions and regulatory approval.
According to FTX, the acquisition signals its intention to expand the financial services it offers to US customers and will enable it route, execute, clear and custody all customer equities and options accounts and trades through use of Embed’s infrastructure and licensure.
FTX US president Brett Harrison said, “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.
“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.”
Embed CEO and founder Michael Giles added, “When we originally began working with the FTX US team as their clearing partner, we soon realized how similar our respective cultures were. Our teams have a shared vision and dedication to building from the ground up to democratize access to financial services, and Embed’s latest securities technology is the ideal complimentary to FTX’s leading crypto solutions.
“This combination enables the combined group to bring an industry-leading securities and crypto solution to market, which was previously sorely lacking, for the benefit of FTX US customers and exciting new B2B clients.”
Kofax, a supplier of intelligent automation software for digital workflow transformation, recently acquired Tungsten for an undisclosed fee.
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