This article comes fromThe Block, Originally by Frank Chaparro

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, Originally by Frank Chaparro

Odaily Translator | Nian Yin Si Tang

Summary:Announce- Blockchain.com acquired the crypto OTC Desk from Altonomy this month.

- The deal is worth $250 million in cash and stock, a person familiar with the matter said.

- The trading platform is said to have a turnover of $16 billion in 2021.

Last week, cryptocurrency exchange and wallet service provider Blockchain.com

Announce

The deal, involving cash and stock, is worth more than $250 million, a person familiar with the matter told The Block.AnnounceThis means the deal is worth more than previous acquisitions in the crypto space. These include FTX's acquisition of Blockfolio for $150 million, and Coinbase's reported purchase of prime brokerage firm Tagomi for around $90 million.

According to consultancy Architect Partners, the deal is indicative of a broader trend of larger market players making "product-based" acquisitions, with a focus on securing "regulatory clearance" and "new products," including DeFi and meta Products of the universe.

The acquisition of LedgerX by FTX.US is a good example.

At the end of October 2021, FTX.US

Announce

Completed the acquisition of compliant futures exchange LedgerX, which will now be renamed FTX US Derivatives, following the launch of FTX.US' NFT marketplace earlier that month. The U.S. exchange’s parent company, FTX, previously announced a $420 million funding round from 69 investors, and some of the new funding (FTX also announced a $900 million round in July) will be used to bring more companies on board. FTX's.

Financial terms of the LedgerX acquisition were not disclosed. The deal provides FTX.US with a series of licenses granted to LedgerX by the Commodity Futures Trading Commission. As such, the exchange can offer crypto futures, swaps, and options trading services to U.S. retail traders. FTX.US President Brett Harrison said in a statement: "We believe the integration of these two agencies not only provides us with a technical advantage, but also deepens our work with regulators in a positive, constructive and transparent manner. relation."

Back to Blockchain.com, according to sources, the acquisition of Altonomy's OTC business will help the company expand its trading operations and market share in Asia. The Altonomy OTC Desk is said to have done $16 billion in transaction volume last year, while Blockchain.com OTC and other transaction businesses had a transaction volume of $10 billion in the same period. Altonomy's core system has been integrated into Blockchain.com's existing trading platform.

According to Architect Partners, the acquisition will help Blockchain.com meet the needs of institutional clients who desire broader exposure to cryptocurrency investments.