To become a part of the financial corporation, TORA will earn $325 million from the London Stock Exchange Group.
The London Stock Exchange Group, the UK’s premier financial markets infrastructure, will pay $325 million for trading technology solutions vendor TORA. The goal of the effort is to increase LSEG’s footprint in the cryptocurrency space.
The LSE Continues To Fall:
The London Stock Exchange Group will pay $325 million for TORA in an all-cash deal, according to a recent release. The latter will become part of LSEG’s Data & Analytics division, which is part of its Trading & Banking Solutions business after the settlement is completed.
LSEG will be able to increase its footprint in the digital asset industry as a result of the purchase. “Combining TORA’s worldwide presence with LSEG’s global reach will drive additional growth, and we look forward to working together to continue this expansion,” said Dean Berry, the exchange’s top executive.
The agreement will also allow LSEG to expand outside Europe, to North America and Asia, where the bulk of TORA’s clientele are located.
Robert Dykes, the fintech business’s CEO, stated that his company “couldn’t have asked for a better partner than LSEG.” He believes that combining the strengths of the two companies would result in “the most sophisticated trading services for clientele”.
In 2019, the London Stock Exchange Group entered the world of digital assets. It took a stake in Nivaura, a London-based firm that uses blockchain technology to digitize primary markets.
TORA partnered with investment company Kenetic to establish Caspian, a cryptocurrency trading platform, in 2018. It connects you to a variety of popular digital asset trading platforms through a single interface.
London Needs A Rethink On Crypto?
The British government, notably the Bank of England, is one of the most vocal opponents of the cryptocurrency industry. The institution’s Deputy Governor, Jon Cunliffe, recently stated that the sector could jeopardize the country’s financial stability.
The Bank of England‘s Governor, Andrew Bailey, went even farther, voicing reservations about El Salvador’s intention to declare bitcoin official money. “What concerns me the most is if the residents of El Salvador are aware of the nature and volatility of their currency,” he remarked.
Ex-Chancellor of the United Kingdom Philip Hammond, on the other hand, is not one of the detractors. He recently encouraged UK authorities to embrace the crypto business seriously, arguing that doing so would protect London’s monetary position in the post-Brexit era.
He cautioned that ignoring the asset class would be foolish, given that several European countries have begun to embrace it. Otherwise, Hammond said, the UK risks being overtaken by its competitors.