The American subsidiary of global crypto exchange FTX, FTX US, is acquiring equities clearing firm Embed Financial.
The acquisition is FTX’s move to enhance its newly-launched stocks trading offering.
Embed had provided custody, execution and clearing services for FTX US stock offering.
Embed is an independent registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA).
Embed has raised around $40 million in total funding to date and is valued at up to $120 million.
FTX US debuted its stock trading functionality, FTX Stocks, last month for select customers in private beta.
The public release, limited to the US, is expected later this summer.
As part of the deal, all 32 employees of Embed will stay on through the acquisition.