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Friday, February 3, 2023

CrossTower To Acquire Institutional Prime Brokerage BEQUANT

It follows weeks of window-shopping by CrossTower because amid the collapse in the cryptocurrency sector, crypto firms are still trying to grow.

The technology platform stock exchange BEQUANT will be acquired by crypto CrossTower Inc. This decision follows weeks of retail therapy by CrossTower seeking cryptocurrency startups, along with a recently updated offer to acquire Voyager Digital’s assets.

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Additionally to its current customers, the November 28 purchase transaction will give CrossTower access to approximately 600 additional professional trade clients. The new clientele, who are headquartered in the US, Asia, Europe, and Latin America, generate $400 billion in revenue yearly as a group.

The purchase contract emerges after CEO of CrossTower, Kapil Rathi has said on Nov. 24 that now the company has long spent so long looking to acquire digital asset businesses with a “right group of customers” as well as a “solid balance sheet.” This would include taking a 2nd look at a bankrupt crypto lending stage Voyager, that is back on the shelves after the original deal with FTX ended up falling through.

CrossTower  On A Window Shopping Spree:

Rathi said that BEQUANT’s purchase would provide the company access to over six hundred exchange clients, that would put it in a stronger position to help restore industry credibility, which has now been severely damaged by recent events involving FTX.

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Financial services provider Lydian Group, located in London, is supporting the purchase of CrossTower as well as CEO Gerard Lopez expressed his optimism that it will pave the way for the sector to become more competent and transparent.

The trading desk also disclosed the availability of an Environmental, Social, but also Governance (ESG)-focused Crypto Funds, which would engage in “promising” businesses that effectively manage energy costs while also exhibiting a high degree of social as well as economic accountability.

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