FTX US acquires Embed Financial subsidiary for stock trading platform
The United States-based subsidiary of cryptocurrency exchange FTX will acquire Embed Financial Technologies as part of a deal aimed at “enhancing” the company’s stock offering.In a Tuesday announcement, FTX US said it will purchase Embed Financial Technologies and its subsidiary, clearing firm Embed Clearing, for an undisclosed amount “pending satisfaction of customary closing conditions and regulatory approval.” The deal followed the crypto firm’s announcement in May that it would be launching a stock trading platform, with FTX Stocks partnering with Embed Clearing to “execute, clear and custody” user accounts and trades.According to FTX US president Brett Harrison, the acquisition of the clearing firm will provide the technology and infrastructure facilitating the crypto exchange’s stock offering.
The FTX Stocks platform has been in beta testing for select clients in the United States since May, with the exchange reporting on Tuesday it would be available to all domestic customers sometime in the summer.Embed Clearing is a member of the Financial Industry Regulatory Authority, Depository Trust Company, National Securities Clearing Corporation, Nasdaq and Investors Exchange.
Read more on cointelegraph.com
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