CrossTower to acquire institutional prime brokerage BEQUANT
Cryptocurrency exchange CrossTower Inc has agreed to buy digital asset trading platform BEQUANT, which comes after months of window shopping by CrossTower for crypto companies, including a recently revised offer for Voyager Digital's assets.
The Nov. 28 acquisition agreement will provide CrossTower with over 600 new professional exchange clients in addition to its existing clientele. The incoming clients are based across the United States, Europe, Asia, and Latin America and are collectively making over $400 billion annually.
The purchase agreement comes as CrossTower CEO Kapil Rathi stated on Nov. 24 that CrossTower has long been on the lookout to buy digital asset companies with a “good set of customers” and a “good balance sheet,” which included a second look at the now-bankrupt cryptocurrency lending platform Voyager, who is back on the market after its initial agreement with FTX recently fell through.
Rathi said the access to over 600 exchange clients through the BEQUANT acquisition would also better position the firm to assist in re-establishing industry trust, which has been significantly dampened by recent events with FTX.
CrossTower’s deal is bei backed by London-based financial services firm Lydian Group, with CEO Gerard Lopez stating that he hoped CrossTower’s acquisition would lead the way in bringing more professionalism and transparency to the industry.
The trading platform also announced its offering of an Environment, Social, and Governance (ESG)-focused Crypto Fund which will invest in “promising” companies that demonstrate a sufficient level of social and governance accountability in addition to efficiently managing energy costs.
While CrossTower didn’t disclose any potential companies that may become part
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