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CrossTower To Acquire Prime Brokerage Bequant

Harold - Coincu
2022-11-30 07:37
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CrossTower has agreed to purchase Bequant, a digital asset trading platform, following months of window shopping for crypto startups, including a recently updated offer for Voyager Digital’s assets.
The announcement comes less than a week after the exchange’s CEO, Kapil Rathi, told Bloomberg that the exchange was investigating more acquisitions.
The acquisition agreement signed on November 28 will add over 600 new professional exchange clients to CrossTower’s existing clientele. The incoming clients are from the United States, Europe, Asia, and Latin America, and their combined annual revenue is $400 billion.
Lydian Group, a London-based financial services group, is backing the purchase, with CEO Gerard Lopez noting that he thought CrossTower’s acquisition would pave the way for increased professionalism and openness in the sector.
CrossTower made an initial proposal for insolvent lender Voyager Digital but was outbid by FTX US in September. Following FTX’s filing for Chapter 11 bankruptcy protection, the exchange intends to submit a new bid.
The trading platform also announced the launch of an Environment, Social, and Governance (ESG)-focused Crypto Fund, which will invest in companies that demonstrate a sufficient level of social and governance accountability while also managing energy costs efficiently.
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