Softbank-backed DriveWealth has launched two subsidiaries which will enable partners to provide crypto trading to retail investors, CoinTelegraph reported.
- DriveWealth launched its DriveLiquidity subsidiary through its acquisition of crypto startup Crypto-Systems. The unit will offer liquidity for partners that seek to invest and trade digital assets.
- DriveWealth also launched DriveDigital as its crypto exchange unit, which plans to offer application programming interface access that will allow retail investors to trade both Bitcoin and Ethereum.
- The units will compete with Coinbase, which DriverWealth Chief Executive Bob Cortright described as “unsustainable” as he cited the charges of 200 basis points on a transaction.
DriveWealth has accumulated over 68 million users as of the third quarter of 2021. SFTBY is up 3.24%.