CrossTower acquires institutional prime brokerage BEQUANT

This comes after months of window-shopping by CrossTower as crypto companies are still looking to expand despite a slowing cryptocurrency market. cryptography.

Cryptocurrency exchange CrossTower Inc has agreed to buy digital asset trading platform BEQUANT, which comes after months of window-shopping by CrossTower for crypto companies, including a newly revised offering for Voyager Digital assets.

The November 28 acquisition agreement will provide CrossTower with over 600 new business customers in addition to its existing customer base. New customers are based in the United States, Europe, Asia and Latin America and collectively earn over $400 billion annually.

The purchase agreement comes as CrossTower CEO Kapil Rathi said on Nov. 24 that CrossTower has long sought to buy digital asset companies with a "good set of customers" and a "good review,” which included a second look at the now-bankrupt Voyager cryptocurrency lending platform, which is back on the market after its initial deal with FTX failed.

Rathi said gaining access to more than 600 trading customers through the acquisition of BEQUANT would also allow the company to better position the business to help restore industry confidence, which has been significantly weakened by recent happenings with FTX.

The CrossTower deal is backed by London-based financial services firm Lydian Group, with CEO Gerard Lopez saying he hopes the acquisition of CrossTower will pave the way in bringing more professionalism and transparency to the industry .

The trading platform has also announced its offering of an environmental, social and governance (ESG)-focused crypto fund that will invest in “promising” companies that demonstrate a sufficient level of social responsibility and governance in addition to eff...