West Realm Shires Incorporated, the owner of FTX US, has announced its ongoing acquisition of Embed Financial Technologies, the parent company of clearing firm Embed Clearing LLC.
The firm disclosed this on Tuesday in a press statement. However, the company did not disclose the price of the acquisition.
Additionally, the exchange noted that the take-over is dependent on the satisfaction of customary closing conditions and regulatory approval.
According to FTX US, Embed specializes in providing white label brokerage services and application programming interface to broker-dealers and registered investment advisors.
The exchange said the acquisition will allow it to provide white label brokerage services to businesses, applications and users of FTX Stocks, which is its equities and exchange-traded fund trading platform.
“The acquisition signals the company's intention to expand the financial services it offers to US customers and will enable it to route, execute, clear and custody all customer equities and options accounts and trades through use of Embed's infrastructure and licensure,” FTX US explained in the statement.
‘A Common Goal’
FTX US in the statement said it shares a common goal with Embed.
Brett Harrision, the President of FTX US, said the exchange was looking forward to integrating its team and technology with those of Embed “as we continue to build FTX Stocks.”
Moreover, Harrison noted that the company’s goal is to provide a comprehensive trading application that cuts across 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,” he added.
On his part, Michael Giles, the Founder and Chief Executive Officer of Embed, believes that the acquisition will enable both companies to come up with industry-leading securities and crypto solutions.
Giles noted that this “was previously sorely lacking” in the trading industry.
On top of that, the CEO shares a sentiment similar to those of Harrison. They both believe their companies share similar identities.
“Our teams have a shared vision and dedication to building from the ground up to democratise access to financial services, and Embed's latest securities technology is the ideal complimentary to FTX's leading crypto solutions,” Giles explained.
FTX's Recent Moves
FTX recently acquired a Canadian crypto platform. According to a press statement announcing the acquisition, the firm is registered as a restricted dealer under the securities laws of all provinces and territories in Canada.
Furthermore, the exchange recently launched a subsidiary in Japan to offer customers a platform for spot and derivatives trading.
Headquartered in Tokyo, FTX Japan is a licensed crypto services provider and Type 1 Financial Instruments Business license holder approved by the Financial Services Agency (FSA) in Japan.
