Major companies and platforms are adopting blockchain and cryptocurrencies to experience a growth at technological fronts. They are also eyeing new business prospects with these ventures and collaborations. London Stock Exchange Group (LSEG) has also shown interest in the mainstream adoption of the idea of cryptocurrencies.
In a recent development, LSEG has bought TORA for $325 million. TORA is a US-based technology provider for different assets including crypto. Other supported assets include income and equities. The organization is looking to try its luck with cryptocurrencies and believes that TORA’s incorporation will help it to expand its operations globally.
TORA has a strong presence in the Asian Region. As LSEG lacks that, TORA can enable the company to deliver more effectively in this region. TORA has its offices in Singapore, Tokyo, and Hong Kong, along with offices in New York and other countries. The London Stock Exchange Group’s head of Trading and Banking Solutions, Dean Berry said that “acquiring TORA will enable LSEG to deliver critical ‘at trade’ capabilities for the buy side.”
LSEG sets new goals after the acquisition of TORA
The Exchange Group announced the new deal through a press release. The deal will now open new gateways for LSEG in the crypto world. It will enable the platform to offer crypto trading along with NFT trading in the future. NFTs have become a global hit in recent times and their inclusion will attract more consumers to the Exchange platform.
The acquisition of TORA is expected to be finalized in the second half of this year. However, it is subjected to regulatory clearance. LSEG has not commented on the announced deal apart from the press release. Thus, more details will follow once an official releases a statement.
It is evident that more and more financial institutions are developing a liking towards digital assets. As a result, there are more collaborations of such institutions with digital firms crypto service providers. LSEG has taken a similar step to improve its trading process in the industry and lure more consumers to the platform in the longer run.
The Exchange Group also provides global financial market data and infrastructure. Whereas TORA provides a mechanism for the order, management, and execution for the trading of digital assets and equities. With initial developments, the deal seems to be a perfect match for both organizations. However, it is yet to be seen if the Exchange Group achieves its anticipated goals and targets with the acquisition.
