London Stock Exchange-listed firm CMC Markets announced today that it had acquired a third of the stock in blockchain startup StrikeX. CMC is best known for its mobile investment platform offering contracts for difference (CFDs) and spread betting. CFDs are available across a variety of assets, including FX, equities and cryptocurrencies. While CMC’s offerings are retail-focused, its solutions are popular amongst people employed in investment banking.
StrikeX developed TradeStrike, which has a wallet and mobile trading platform.
At first, the alliance looked like a tie-up for crypto, but comments from StrikeX imply the focus is more on digital securities.
“We strive to pioneer the delivery of traditional financial instruments, such as equities, commodities and bonds to the blockchain, whilst guaranteeing security, compliance, and ease of access via intuitive, secure, and user-friendly products,” said Joe Jowett, StrikeX CEO and Co-Founder.
Just yesterday, UK asset manager abrdn announced it had tokenized part of a money market fund on the Hedera DLT.
“This is a major strategic investment in the growing Web 3.0 technology space of which StrikeX Technologies gives us access to the very best technology and advancements,” said Lord Cruddas, CMC’s founder and CEO.
CMC Market’s stock is down 3.7% since last night’s close at 170.20.