Cloud-based Company Tora Acquired by London Stock Exchange
The London Stock Exchange isn’t playing around as it has made big moves recently. One of these moves involves acquiring cloud-based companies like Tora.
Tora, a cloud-based technology company, was acquired by the London Stock Exchange for $325 million
It was announced on Tuesday that the London Stock Exchange Group (LSEG) had agreed to acquire Tora, a U.S.-based cloud technology provider, for $325 million. In order to acquire Tora, the LSEG cited Tora’s exposure to digital assets as one of the reasons.
Software trading solutions are offered by Tora to customers who are exposed to stock and currency markets, as well as fixed-income securities and derivatives. For this reason, LSEG emphasized the importance of the acquisition:
“Because of the addition of digital assets, LSEG’s trading capabilities have been enhanced at a time when institutional investors are growing their exposure to cryptocurrency and other digital assets.”
Caspian is the name of the cryptocurrency trading platform developed by Tora Technologies. According to the company’s whitepaper, “The Caspian platform aggregates pricing and bid/ask information from numerous crypto exchanges and other sources into one platform. Orders, positions, accounts, and trade executions from many crypto exchanges and other sources.”
The Smart Order Router technology then allows users to send order information to individual crypto exchanges or multiple exchanges at once. Software for institutional clients provides order execution, portfolio management, compliance, and reporting tools.
In addition, the company raised $19.5 million in October from the sale of Caspian (CSP) tokens. The Caspian platform (CSP) is built on Ethereum (ETH) and can be staked to earn discounts.
LSEG’s Dean Berry, head of trading and banking solutions, had this to say about the acquisition:
“This deal is a significant step forward for our company’s global trading operations. LSEG’s acquisition of Tora will enable the buy-side to benefit from critical “at trade” capabilities.”
As a result, the CEO of Tora, Robert Dykes, said: “I’m overjoyed that we’ll be joining forces with LSEG. Since our inception in 2004, Tora has grown exclusively through organic means. All of our products have been built in-house since day one, and we’re proud of that fact.”
Times are changing as stock exchanges are making moves towards cryptocurrency. The London Stock Exchange’s acquisition of Tora will help provide more exposure for crypto trading and digital assets which will hopefully make it more popular among investors in the following years.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.