DriveWealth, a global trading technology provider, formally announced the acquisition and launch of two wholly-owned subsidiaries, DriveLiquidity and DriveDigital.
What Happened: As part of a mission to democratize investing in the U.S. stock market and emerging markets at low cost, DriveWealth acquired Crypto-Systems and unveiled its plans to offer cryptocurrencies.
Pursuant to this development, through its new DriveLiquidity subsidiary, DriveWealth will have the capability to trade cryptocurrencies on a proprietary basis using algorithmic solutions.
Ultimately, DriveLiquidity will act as a liquidity provider to both DriveWealth and other trading venues.
Through the launch of a second subsidiary, DriveDigital, DriveWealth will offer a cryptocurrency exchange platform, rounding out the company’s crypto strategy.
"This next stage of growth for DriveWealth represents an additional milestone in support of our core mission – expanding access to notional investing," said Bob Cortright, Founder and CEO at DriveWealth.
"No other asset class translates to notional investing the way cryptocurrencies do. Creating DriveWealth's crypto vertical strengthens our ability to empower retail investors to enter these markets, while also equipping our partners with the end-to-end technology they need to power the investing experience as we move into the virtual asset space."
Co-Founder and CEO of Crypto-Systems Aaron Sokasian will join the leadership team at DriveWealth Holdings as CEO of DriveLiquidity, while Marcus Anthony will transition from his current role as Chief Strategy Officer at DriveWealth to serve as CEO of DriveDigital.
Why It Matters: Together, DriveWealth will seamlessly connect its partners' retail investors to an API-driven crypto experience.
DriveDigital's exchange platform will offer access to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) as part of its initial launch.
