Crypto Exchange CrossTower Set To Acquire BEQUANT


CrossTower Inc, a cryptocurrency exchange, has decided to acquire BEQUANT, a digital asset trading platform, following months of scouting other cryptocurrency startups and making offers, including a recent update for Voyager Digital’s assets.

On November 28,the transaction was made which gives CrossTower 600 new professional exchange clients. Clients from the US, Europe, Asia, and Latin America generate $400 billion annually. Lydian Group, a London-based financial services company, is supporting CrossTower’s deal. CEO Gerard Lopez said that he hoped CrossTower’s acquisition would be the first step in making the industry more professional and open.

CrossTower CEO Kapil Rathi said on November 24 that the company has been looking to buy digital asset companies with a “good set of customers” and a “good balance sheet,” including the bankrupt cryptocurrency lending system Voyager.

Rathi said:

“We’re in a great place to either acquire entities who have a good set of customers with them and a good balance sheet […] so we are openly looking at different types of companies from an organic growth perspective.”

Rathi claimed the firm’s access to over 600 exchange clients through the BEQUANT acquisition will help re-establish industry trust, which was damaged by FTX. 

CrossTower To Offer ESG Fund

The trading platform also said it would offer an Environment, Social, and Governance (ESG)-focused Crypto Fund. This fund will invest in “promising” companies that show a sufficient level of social and governance accountability as well as good energy cost management.

CrossTower didn’t say which companies might join its new fund, but the platform claimed that it would look for companies that aren’t driven by “greed” and instead focus on “the democratisation of finance.”

The company indicated that it is looking for digital asset companies with a “proper board structure […] checks and balances, and traditional business expertise.”

It is important to note that this purchase follows recent reports that CrossTower is contemplating other acquisitions in the wake of the Voyager bid.

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