On Tuesday, the London Stock Exchange Group, or LSEG, announced that it is acquiring the US cloud technology company Tora for $ 325 million; The agreement is expected to be terminated in the second half of the year. Tora offers software trading solutions for stocks, forex, interest rates, derivatives and cryptocurrency clients. To justify the acquisition, LSEG emphasized the importance of the latter:
“The addition of digital assets to LSEG’s trading opportunities reinforces its presence in a rapidly growing asset class at a time when institutional participants are increasing access to cryptocurrencies and other digital assets.”
Tora’s solution for trading cryptocurrency is called Caspian. According to the White Paper, Caspian collects prices, bids / offers information, orders, positions, accounts and execution from several crypto exchanges and other sources and presents the information on a single platform. It then allows users to send order information to crypto exchanges individually or to multiple exchanges simultaneously using Smart Order Router technology. The software itself is aimed at institutional customers and offers tools for order fulfillment, portfolio management, compliance, risk management and reporting.
In addition, in October, the company completed the sale of Caspian Token (CSP), which raised $ 19.5 million. CSP is built on Ethereum (ETH) and can be bet on to win discounts on the Caspian platform.
Regarding the acquisition, Dean Berry, LSEG Head of Trading and Banking Solutions, said: “This transaction is an important expansion of our global business. The acquisition of Tora will enable LSEG to offer critical trading opportunities on the buyer side.” Meanwhile, Tora CEO Robert Dykes added: “I am pleased to be part of LSEG. Tora has grown completely since its inception in 2004. We are proud that all our products have been produced internally from day one.”