Digital asset trading has become a major part of the financial world, and traditional financial institutions across the globe are rushing to create space for it in the mainstream. Case in point: the London Stock Exchange Group (LSEG) is getting in on cryptocurrency trading, and has purchased U.S. cloud-based fintech firm TORA to add to its digital trading arsenal.
For an investment group such as LSEG looking to boost its digital trading capabilities, TORA is a shrewd purchase, if a costly one. TORA has made a name for itself in its offerings for multiple asset trading capabilities, with a particular focus on digital assets as well as more traditional equities and fixed income. Among TORA’s notable works in recent years is its 2018 partnership with Kenetic to launch Caspian, a comprehensive cross-platform tool for crypto trading.
LSEG previously bought a major stake in Nivaura to get in on the ground floor of automated crypto-backed bond issuance. It is generally understood that LSEG’s move on TORA’s tech presages an imminent move into retail crypto or NFT trading on the London Stock Exchange. As explained by LSEG head of Trading & Banking Solutions Dean Berry, “Acquiring TORA will enable LSEG to deliver critical 'at trade' capabilities for the buy side.”