Blockchain company AVA Labs announced that it has acquired private investment platform Investery to expand further its operations.
AVA Labs said that by enabling access to private asset platforms and the issuance of private financial assets, the acquisition will improve its financial products. In addition, existing partnerships with Investery will also be transitioned to AVA.
Acquiring Investery is set to expand the capabilities of AVA Labs to administer private financial assets. The acquired firm provides a platform that assists investors in private-market research, management and transaction while also helping issuers create new private financial assets. In addition, the solution includes multiple marketplaces, enabling investors to view their entire inventory at one place.
Emin Gün Sirer, co-founder and CEO of AVA Labs, said he expects the acquisition will help the company reach new customers and expand partnerships. John Wu, CEO and Investery Founder, also said his firm is in agreement with AVA’s strategy to leverage blockchain to drive liquidity.
The companies also announced that Wu will join AVA Labs as president and that Lydia Chiu, vice president of Business Development and Product at Investery, will join the company with the same role that she had before the acquisition.
Before the establishment of Investery, Wu founded Sureview Capital with Blackstone’s strategic investment, and was previously a tech investor at Kingdon Capital and Tiger Management. Furthermore, Chiu had worked previously at Morgan Stanley and Credit Suisse. In addition, she was Senior Analyst at Sureview Capital, SharePost’s director of digital assets.
Acquisitions In FinTech Space
This month, industry players carried out multiple acquisitions in the financial technology space. As Cryptolydian recently reported, Investment bank Morgan Stanley is acquiring E*Trade Financial Corp., the online brokerage and financial services provider, in a $13 billion deal.
Earlier this month, the Intercontinental Exchange — the owner of the New York Stock Exchange — also announced plans to acquire Bridge2 software service in preparation for an ICE subsidiary, Bakkt, launch of an app.