On Tuesday, London Stock Exchange Group, or LSEG, announced the acquisition of US cloud technology provider Tora for $325 million; the deal is expected to close in the second half of the year. Tora offers software trading solutions for clients exposed to equities, currencies, fixed income securities, derivatives and cryptocurrencies. In justifying the acquisition, LSEG specifically highlighted the importance of the latter:
“The addition of digital assets to LSEG’s trading capabilities strengthens its presence in this rapidly expanding asset class at a time when institutional market participants are increasing exposure to cryptocurrencies and other digital assets.”
Tora’s cryptocurrency trading solution is called Caspian. According to his whitepaper, Caspian “aggregates prices, bid and offer information, orders, positions, accounts and executions from multiple cryptocurrency exchanges and other sources, presenting the information on a single platform.” It then allows users to send order information to cryptocurrency exchanges individually, or to several at once, using its Smart Order Router technology. The software itself is aimed at institutional clients and offers order execution, portfolio management, compliance, risk management and reporting tools.
Additionally, the company completed a Caspian (CSP) token sale in October that raised $19.5 million. CSP is based on Ethereum (ETH) and can be staked for discounts on the Caspian platform.
In connection with the acquisition, the director of commercial and banking solutions LSEG, Dean Berry, said: “This transaction is a significant expansion of our global trading business. The acquisition of Tora will enable LSEG to offer critical capabilities ‘on the job’ for the buying party.” For his part, Robert Dykes, CEO of Tora, added: “I am delighted that we are becoming part of LSEG. Tora has grown completely organically since its inception in 2004. We are proud that all of our products have been independently created in-house from day one.”
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