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DriveWealth Enters the Crypto Vertical with the Acquisition of Crypto-Systems and the Establishment of Two Wholly-Owned Subsidiaries
DriveWealth's new subsidiary DriveLiquidity will provide DriveWealth with the ability to trade cryptocurrencies on a proprietary basis using its algorithmic solutions following the acquisition of Crypto-Systems.
Fremont, CA: DriveWealth, a pioneer in fractional investing and embedded finance, acquired and launched two wholly-owned subsidiaries, DriveLiquidity and DriveDigital, as well as plans to offer cryptocurrencies to partners and their retail investors.
DriveWealth's new subsidiary DriveLiquidity will provide DriveWealth with the ability to trade cryptocurrencies on a proprietary basis using its algorithmic solutions following the acquisition of Crypto-Systems. In addition, DriveLiquidity will provide liquidity to both DriveWealth and other cryptocurrency venues. DriveWealth also launched DriveDigital, a cryptocurrency exchange platform, as part of its end-to-end crypto strategy. DriveWealth will offer an API-driven crypto experience to its partners' retail investors to seamlessly connect them to the cryptocurrency marketplace.
"This next stage of growth for DriveWealth represents another milestone in support of our core mission – expanding access to notional investing," said Bob Cortright, DriveWealth's Founder and CEO. "There is no other asset class that translates to notional investing as well as cryptocurrencies. The creation of DriveWealth's crypto vertical strengthens our ability to empower retail investors to enter these markets, while also providing our partners with the end-to-end technology they require to power the investing experience as we move into the virtual asset space."
As a result of the acquisition, Aaron Sokasian, Co-Founder and CEO of Crypto-Systems, will join the leadership team at DriveWealth Holdings as CEO of DriveLiquidity, and Marcus Anthony will transition from his current role as DriveWealth's Chief Strategy Officer to serve as CEO of DriveDigital.
"My team and I are thrilled to be a part of DriveWealth," Sokasian said. "DriveWealth invented fractional investing and quickly became an essential part of the financial ecosystem – we're excited to provide high-quality crypto pricing and execution to both our partners and other crypto venues."