By Alicia Maher
The London Stock Exchange has announced the purchase of TORA, a tech trading solution for a whooping sum of $325M. The deal struck on Tuesday, includes the acquisition of TORA’s order and execution equipment, portfolio management systems, and the structure for derivatives and cryptocurrencies.
According to a statement issued by the LSE, the exchange disclosed that the acquisition solidifies its presence in the ever-changing digital asset class. The deal comes when institutional investors are improving exposure to cryptocurrencies. With the deal finalized, TORA is expected to be incorporated into LSE’s analytics unit in H2 of 2022.
Customers Will Benefit from the Financial Exposure
Head of the analytics unit at the London Stock Exchange, Andrea Stone, shared her excitement with the acquisition, adding that the deal will benefit customers greatly. Andrea said that acquiring TORA will provide customers with a digital asset financial framework spanning across different capital markets, including the crypto space.
The move by LSEG arrives at a period where regular financial bodies are pushing for the launch of ETPs to increase customers’ exposure to cryptocurrencies and other digital asset classes. Last January, TP ICAP, a firm that executes trades between hedge funds and big financial entities, unveiled digital currency ETPs for firms to increase their European clients’ exposure to virtual currencies.
The company has indicated interest to expand its offerings to the U.S. in subsequent months but is mainly focused on launching its spot trading portal for its clients to trade BTC.
Entering into the Third Iteration of Web
Meanwhile, across the divide, a company is at the forefront of driving the African continent into the world of Web3. Recently, the startup company, Jambo closed a seed funding round of $7.5 million to develop a super-app that will onboard Africans into Web 3.0.
The seed funding round was led by prominent investors, such as Coinbase Ventures, Signum Capital, Three Arrows, etc. Jambo creator James Zhang stated that the company is on a mission to facilitate the adoption of Web 3.0 in the continent. Zhang emphasized that smartphone penetration and crypto adoption are critical metrics that place Africa as an enticing location for major web3 investments.
Zhang also highlighted the underemployment of the young adult population, adding that Jambo will foster financial inclusion for millions in the continent via P2E games and DeFi. P2E games have become vital tools deployed as an alternative source of income for developing countries.
Given the prospects of the super-app, the Jambo executive clarified that the project isn’t a guild but a project that will launch the best P2E games in the future alongside other interesting services like social media for Africans.