FTX US Acquires Embed Clearing LLC to Strengthen FTX Stocks

Cryptocurrency exchange West Realm Shires Inc. (FTX US) announced the acquisition of Embed Financial Technologies Inc., which owns clearing firm Embed Clearing LLC (Embed), an independent registered broker-dealer and member FINRA/SIPC.

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Completion of the acquisition is still subject to customary closing conditions and regulatory approvals. The price of the acquisition was not disclosed.

"When we originally began working with the FTX US team as their clearing partner, we soon realized how similar our respective cultures were." said Michael Giles, founder and CEO of Embed. "Our teams have a shared vision and dedication to building from the ground up to democratize access to financial services, and Embed's latest securities technology is the ideal complimentary to FTX's leading crypto solutions. This combination enables the combined group to bring an industry-leading securities and crypto solution to market, which was previously sorely lacking, for the benefit of FTX US customers and exciting new B2B clients."

Brett Harrison, president of FTX US, said: "As I mentioned when 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. 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. We're looking forward to working together to integrate both our teams and our technology as we continue to build FTX Stocks."

FTX Stocks, a stock trading platform launched by FTX US last month​, offers trading and investing in hundreds of US exchange-listed securities, including common stocks and ETFs, in an integrated experience. It has partnered with Embed, the new FINRA, NSCC and Nasdaq member clearing firm, to route, execute, settle and escrow all FTX Stocks customer accounts and transactions.