It seems that CrossTower found its first crypto firm with a "good set of customers" and a "good balance sheet."
CrossTower, a Jersey City-based cryptocurrency trading platform established in 2020, is acquiring digital asset exchange and lending prime brokerage BEQUANT.
According to the press release shared on November 28th, the acquisition will allow CrossTower to offer a “suite of professional grade products for a global market.”
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In the press release, CrossTower did not reveal the price of the acquisition. However, the company stated that by purchasing BEQUANT, CrossTower expects to gain more than 600 professional exchange clients from the US, Europe, Latin America, Bermuda, and Asia.
The news about CrossTower acquiring BEQUANT comes less than a week after CrossTower's chief executive officer (CEO) Kapil Rathi stated that the company is looking to purchase crypto firms with a “good set of customers” and a “good balance sheet.”
On top of that, CrossTower is allegedly preparing to bid for Voyager Digital after the collapse of crypto exchange FTX forced Voyager to reopen the auction for the company and its assets.
When talking about the acquisition, CrossTower CEO Kapil Rathi stated that he hopes that by combining CrossTower and BEQUANT, the company can lead “the growth of the <crypto> industry.”
The BEQUANT acquisition deal is backed by financial service firm Lydian Group, whose CIO, Greg Fishman, commented on the matter, noting:
By uniting CrossTower and BEQUANT, we create an organization that is built for safety, transparency, and trust. During the next market cycle, the whole industry must focus on building for the people.
Apart from announcing the acquisition of BEQUANT, CrossTowere revealed that it is launching an Environment, Social, and Governance (ESG)-focused Crypto Fund. The fund will be used “to invest and rebuild companies that have promising futures.”
More specifically, ESG Crypto Fund is set to invest in companies that are smartly managing energy costs, are not driven by greed, and have “proper board structure <...> checks and balances, and traditional business expertise.”