Cryptocurrency exchange CrossTower Inc has entered into an agreement to purchase digital asset trading platform BEQUANT, which comes post window shopping done by CrossTower for cryptocurrency companies, as reported by Cointelegraph.
According to Cointelegraph, through a November 28, 2022, acquisition agreement, CrossTower will be able to get 600 new professional clients with regard to the existing clientele. It is believed that the new clients will be based out of United States, Europe, Asia, Latin America, among others, and are jointly earning more than $400 billion annually.
On the basis of information by Cointelegraph, on November 24, 2022, Kapil Rathi, CEO, CrossTower, highlighted the company’s plans for being on the lookout to make purchases of digital asset companies having a “good set of customers” and a “good balance sheet.” Reportedly, the parameters included a second look at the currently bankrupt cryptocurrency lending platform Voyager, which has returned to the market after its initial agreement with FTX collapsed.
Moreover, Cointelegraph noted that Rathi mentioned the access to more than 600 exchange clients through the BEQUANT acquisition, and how it is also expected to improve the position of the company to give assistance in re-establishing industry trust, which has faced the implications of recent events around FTX. It is expected that CrossTower’s deal is receiving the backing of London-based financial services firm Lydian Group, with Gerard Lopez, CEO, Lydia Group, emphasising on his hopes that CrossTower’s acquisition would ensure professionalism and transparency to the industry.
(With insights from Cointelegraph)