FTX US is acquiring equities clearing startup Embed Financial by Yogita_Khatri5
The crypto exchange plans to enhance its newly launched FTX Stocks offering with the deal.
Terms of the deal weren't disclosed, but Embed has raised around $40 million in total funding to date and is valued at up to $120 million, according toEmbed founder and CEO Michael Giles confirmed the firm's total funding to The Block but declined to comment on the valuation and the deal size. FTX US president Brett Harrison declined to comment on whether the deal will be financed via cash, equity, tokens or a mix of those things.
The acquisition of Embed will help FTX US offer the stock trading functionality to other firms, said Harrison.
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