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DriveWealth announces the acquisition of Crypto-Systems

By Joy Dumasia

February 08, 2022

  • Asset Management
  • Bitcoin
  • Crypto
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DriveWealth, LLC., a pioneer in fractional investing and embedded finance, announced the acquisition and launch of two wholly-owned subsidiaries, DriveLiquidity and DriveDigital, as the company unveiled its plans to offer cryptocurrencies to partners and their retail investors.

Following the completed acquisition of Crypto-Systems, DriveWealth’s new subsidiary DriveLiquidity will provide the capability to trade cryptocurrencies on a proprietary basis using its algorithmic solutions. DriveLiquidity will act as a liquidity provider, both to DriveWealth and other cryptocurrency venues. DriveWealth also launched DriveDigital as its cryptocurrency exchange platform as part of its end-to-end crypto strategy. Together, DriveWealth will offer an API-driven crypto experience to seamlessly connect its partners’ retail investors to the cryptocurrency marketplace. DriveDigital’s platform will offer Bitcoin (BTC) and Ethereum (ETH) as part of its initial launch, two digital currencies that account for approximately 70% of the crypto market on an annual basis.

Bob Cortright, Founder and CEO at DriveWealth, said: “This next stage of growth for DriveWealth represents an additional milestone in support of our core mission expanding access to notional investing. No other asset class translates to notional investing the way cryptocurrencies do. 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.”

As a result of the acquisition, Co-Founder and CEO of Crypto-Systems Aaron Sokasian will join the leadership team at DriveWealth Holdings as CEO of DriveLiquidity, while Marcus Anthony will transition from his current role as Chief Strategy Officer at DriveWealth to serve as CEO of DriveDigital.  

“My team and I are excited to be part of DriveWealth,” said Sokasian. “DriveWealth invented fractional investing and quickly became an essential part of the financial ecosystem – we’re looking forward to providing high-quality crypto pricing and execution to both our partners and across other crypto venues.”

“Crypto is the most requested asset class from our partners, and their customers – DriveDigital and DriveLiquidity will provide that capability,” said Anthony. “Expanding DriveWealth’s business model into the digital asset space will give our partners access to the crypto markets while also enabling us to scale our businesses together.”

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