The US division of top-tier crypto exchange platform FTX is reportedly looking to finalize the acquistion of Embed Financial Technologies, as included in the scope of an effort to “enhance” its stock offering.

Specifically, FTX US reportedly disclosed details related to its intention of acquiring Embed Financial Technologies and its subsidiary, clearing firm Embed Clearing, for an anonymous sum “pending satisfaction of customary closing conditions and regulatory approval.”

The acquisition reportedly took place after the crypto company’s May  announcement to introduce a stock trading platform, with FTX Stocks teaming up with Embed Clearing to “execute, clear and custody” user accounts and trades. 

As revealed by FTX US president Brett Harrison, the purchase of the clearing company will reportedly make the technology and infrastructure supporting the crypto exchange’s stock offering available. 

The FTX Stocks platform has reportedly been carrying out beta testing phases for particularly selected customers across America since May, with a June 21st report compiled by the exchange revealing the availability to all domestic customers sometime in the summer.

Embed Clearing is a member of the Financial Industry Regulatory Authority, Depository Trust Company, National Securities Clearing Corporation, Nasdaq and Investors Exchange. 

Apart from Embed, FTX US further completed the purchase of crypto derivatives platform LedgerX in August last year, as included within the scope of its plan to provide options and futures contracts on Bitcoin (BTC) and Ether (ETH). 

The current Head of FTX – Sam Bankman-Fried – also disclosed that the exchange will keep on with its efforts to bring onboard new talents, contrary to crypto establishments such as Coinbase, Crypto.com and Gemini, which have all commenced employee reduction.