Last year, the United States pioneer of fractional equities trading and embedded investing DriveWealth was valued at $2.85 billion. After successfully receiving a massive $450 million Series D funding round in August 2021, the limited liability company unveiled a significant increase to its business today entering into virtual currencies.
Backed by Softbank, the US provider recently purchased the trading firm Crypto-Systems and it plans on two separate wholly-owned subsidiaries. DriveLiquidity and Drive Digital will provide cryptocurrency liquidity and crypto exchange services via an API for DriveWealth’s customers such as British financial technology company Revolut and the commission-free US stock trading app Stake.
Founder and CEO of DriveWealth, Bob Cortright stated that the firms crypto vertical will strengthen their ability to empower retail investors to enter the market as well as simultaneously supply partners with end-to-end technology which will power the investing experience as the globe is moving into the virtual asset space.
As part of its initial development, DriveDigital will provide access to Bitcoin and Ethereum, the two cryptocurrencies that account for the majority percentage of the market on annual basis according to the company.
Aaron Sokasian who is the co-founder and CEO Crypto-Systems will become Chief Executive Officer of DriveLiquidity while leadership team member Marcus Anthony will be the CEO of DriveDigital.
Photo by Morgan Housel
