FTX US announced its acquisition of Embed Clearing, a specialist in white label brokerage experiences it provides to broker-dealers and registered investment advisors.
Why It Matters: In an exclusive conversation with Benzinga, FTX’s Sam Bankman-Fried said his aims were to improve liquidity and provide a robust offer in areas beyond crypto.
“If you look longer down the road, we would absolutely like to get involved in other asset classes, and to become a global liquidity venue across the board,” he said in December.
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Today’s acquisition emboldens that effort. Together, with Embed, FTX US will be able to expand the financial services it offers to U.S. customers.
"[W]hen we launched FTX Stocks, our new equities and ETF trading platform, our goal at FTX is to provide a comprehensive trading application that spans all asset classes," FTX US President, Brett Harrison, commented.
"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," Harrison said. "We're looking forward to working together to integrate both our teams and our technology as we continue to build FTX Stocks."
FTX Stocks is currently available for select customers in private beta and will be made available to all domestic customers of FTX US later this summer.
