Last week, crypto exchange and wallet service Blockchain.com announced the acquisition of Altonomy’s over-the-counter trading desk.
A source with knowledge of the process told The Block that the deal topped $250 million in a transaction involving both cash and stock.
Such a deal exceeds the value of past acquisition deals in the crypto space, including FTX’s $150 million acquisition of Blockfolio and Coinbase’s reported acquisition of prime brokerage Tagomi, said to have weighed in at around $90 million.
The deal speaks to a broader trend of larger market participants making “product-based” acquisitions with a focus on obtaining “regulatory licenses” and “new products,” including those in decentralized finance and the metaverse, according to Architect Partners, an advisory firm.
FTX.US’s acquisition of LedgerX offers a good example of the latter. The firm acquired the options exchange partially for the licenses it holds from the Commodities Futures Trading Commi
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