By Oliver Smith on Tuesday 8 February 2022
DriveWealth was valued at $2.85bn last Autumn.
After raising a phenomenal $450m Series D round in August, US fractional investing provider DriveWealth revealed a huge addition to its offering today pushing into crypto.
The Softbank-backed firm recently acquired trading firm Crypto-Systems, and is now relaunching the business as two wholly-owned subsidiaries.
“Creating DriveWealth’s crypto vertical strengthens our ability to empower retail investors to enter these markets, while also equipping our partners with the end-to-end technology they need to power the investing experience as we move into the virtual asset space,” said Bob Cortright, founder and CEO of DriveWealth.
Cortright described the launch as “the next stage of growth” for DriveWealth’s core business.
To start DriveDigital’s exchange will only offer Bitcoin and Ethereum as part of its “initial launch”, two cryptocurrencies that it says account for 70 per cent of the market on an annual basis.
Crypto-Systems leadership team will join the two new subsidiaries, with co-founder and CEO Aaron Sokasian becoming CEO of DriveLiquidity and chief strategy officer Marcus Anthony becoming CEO of DriveDigital.