FTX Unit Buys Stock-Clearing Platform Embed to Expand Equity Trading Infrastructure

The acquisition is intended to aid FTX.US' equity trading ambitions.

AccessTimeIconJun 21, 2022 at 1:00 p.m. UTC
Updated May 11, 2023 at 6:49 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

FTX.US liked working with stock-clearing company Embed Financial Technologies so much, it bought the company.

FTX.US said Tuesday it was buying Embed as part the expansion of its equities division, FTX Stocks. No deal terms were provided in an announcement Tuesday.

  • Traders Are 'Valuable Resource' for Crypto Market: Analyst
    Traders Are 'Valuable Resource' for Crypto Market: Analyst
  • Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
    Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
  • Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
    Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
    • Embed provides white-label brokerage services and application programming interfaces (API) to broker-dealers and registered investment advisors.
    • "Our teams have a shared vision and dedication to building from the ground up to democratize access to financial services," said Embed CEO Michael Giles in the announcement.
    • FTX.US has been expanding its equity platform over the last year. The company said it will not charge commissions or trading fees in following the low-cost brokerage model that Robinhood (HOOD) rode to fame.
    • The U.S. unit of crypto exchange FTX also said it won’t monetize traders’ orders by selling the flow to high-frequency traders, a controversial practice called payment-for-order flow for which Robinhood has been criticized.
    • FTX US President Brett Harrison noted the company wants "to provide a comprehensive trading application that spans all asset classes. For equities and options trading this necessarily includes services such as clearing and custody, and our partnership with Embed showed us that they have built excellent technology and infrastructure to provide these services."
    • FTX Stocks is currently available for select customers in private beta, and will be available to all domestic customers of FTX US later this summer, FTX said in its statement. The deal still requires regulatory approval.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.