The London Inventory Change Staff — the main British monetary markets infrastructure manager — has announced that they have acquired a company called TORA. The exchange paid $325 million for the acquisition, which will help them gain traction in the crypto space.
Benefits of the Acquisition
The announcement shared little details regarding the acquisition but did state that the purchase was an all-cash transaction. Upon finishing the agreement, TORA will settle down in the London stock exchange’s Information Analytics department, becoming a part of its Buying and Selling Banking Answers trade.
By combining TORA’s global footprint with its own, LSEG stands to greatly increase its presence in the crypto sector. LSEG will now have direct access to every area where TORA has users. While it is not presently clear how much the deal will expand LSEG’s long-term reach, some estimates project near-term growth into areas of North America and Asia.
TORA is also rather pleased with the deal, with a key executive stating that they “couldn’t have requested for a greater spouse than LSEG.” The executive added that the two entities are now poised to co-develop a more innovative portfolio of buying and selling solutions.
The UK is Becoming More Accepting of the Crypto Industry
The British government has been increasingly warming up to the crypto industry. And although there are still many crypto skeptics at the levers of power in the UK, many are beginning to recognize the potential of the emerging blockchain and crypto sectors.