London Stock Exchange acquires TORA
The London Stock Exchange has acquired trading technology provider TORA for $325 million to expand its crypto reach.
The London Stock Exchange acquires TORA
The UK’s leading financial markets infrastructure, the London Stock Exchange Group, has announced that it has acquired trading technology solutions provider TORA for US$325 million. This initiative aims to increase LSEG’s presence in the crypto industry. In a recent statement, the London Stock Exchange Group paid $325 million in an all cash transaction to buy TORA.
The acquisition will allow the London Stock Exchange Group to expand its presence in the digital assets space. Dean Berry, a senior stock market executive, used the following phrases in his speech on the subject:
“Combining TORA’s international footprint with LSEG’s global reach will drive continued growth, and we look forward to working together to further expand this scale.”
The deal is expected to help LSEG expand not only into Europe but also into North America and Asia, where many of TORA’s customers are located.
Robert Dykes, CEO of the fintech firm, said the company could not ask for a better partner than LSEG, adding that he believes the best qualities of these two assets can create solutions. The most progressive transaction for clients. The London Stock Exchange Group, as you will remember, entered the world of digital assets in 2019. At that time, it acquired a stake in London-based Nivaura with the aim of digitizing the primary markets using blockchain technology.
In 2018, TORA partnered with investment firm Kenetic to launch the Caspian cryptocurrency trading platform.
Different views of the UK authorities on cryptocurrencies
The UK authorities, and in particular the Bank of England executives, are among the biggest competitors in the cryptocurrency industry. Jon Cunliffe, the organization’s vice president, recently stated that the industry could threaten the country’s financial stability.
Bank of England Governor Andrew Bailey expressed concern about El Salvador’s decision to make Bitcoin legal tender, saying:
“What worries me most is that the people of El Salvador understand the nature and volatility of their currency.”
However, Philip Hammond, the former British Prime Minister, is not one of these critics. He recently urged UK authorities to take the crypto industry seriously, which will ensure London’s currency position in the post-Brexit era. He said it is not advisable to ignore the asset class as many European countries are starting to adopt cryptocurrencies. Hammond claims that otherwise England risk being overtaken by their opponents.
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