Thursday, September 29, 2022

Fintech Company DriveWealth Unveils it is Acquiring Crypto-Systems

DriveWealth has declared openly its entry into the cryptosphere which it gained by acquiring two major associates, DriveLiquidity and DriveDigital. This announcement was made by DriveWealth as it registers its feet in the Merger & Acquisition (M&A) ecosystem.

The New Jersey-based startup with support from the Japanese transnational empire, Softbank Group, has a valuation of $2.85 billion after a recently organized Series D funding round. The fintech company’s acquisition of DriveLiquidity and DriveDigital is aimed at monitoring and performing transactions.

DriveWealth has been known to achieve results backstage, it has helped fractional traders gain popularity over the years. Since its establishment 10 years ago, the visionary firm has had a record of over 100 partners and 15 million investors globally.

The firm experienced a leap when it skyrocketed its valuation from $200 million in 2020 to $2.85 billion in 2021. Although the startup acquired its valuation by riding on support from investors like Insight Partners, Point72 Ventures, and SoftBank’s Vision Fund. 

CEO of DriveWealth, Bob Cortright stated that with the gain of DriveLiquidity and DriveDigital, Bitcoin (BTC) and Ethereum (ETH) trading will commence before mid-year. According to him, one objective of the Crypto-Systems is to regulate instability in transaction tariffs.

Structures For The DriveWealth Crypto-Systems Subsidiaries 

DriveLiquidity targets the provision of liquidity for interested crypto investors, while DriveDigital is to provide application programming interface (API) entry to its members to authorize commerce on BTC and ETH which are the two cryptocurrencies that take up large ground in the trading ecosystem.

As a way of putting structures in place, Aaron Sokasian Co-Founder and CEO of Crypto-Systems will enlist with the leadership crew at DriveWealth Holdings as CEO of DriveLiquidity, while Marcus Anthony will convert from his present role as Chief Strategy Officer at DriveWealth to serve as CEO of DriveDigital. 

DriveWealth is committed to revolutionary innovations and inventions and that makes it the first choice of investors for present and prospective investment. Unlike Coinbase, the biggest U.S. crypto exchange which penalizes commercial clients via a difficult policy based on the size of business and the method of payment. Fees up to 4.5% or more are charged, and Coinbase doesn’t fail to obtain a spread on top of trade payments.

It seems like a competition might ensue between DriveWealth and Coinbase, but it might be a herculean task for the New Jersey fintech.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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