FX Broker Boosts Infrastructure: $2M Trading Deal Goes to Beeks

A “leading global” foreign exchange (FX) and multi-asset brokerage firm has signed a four-year contract with Beeks Financial Cloud Group worth about $2 million to use its Proximity Cloud solution. Announced today (Tuesday), the cloud computing and connectivity provider for financial markets did not name its new brokerage client.

A High-Performance Trading Environment

Beeks further explained that the contract is for the development of a high-performance, dedicated, and client-owned trading environment across the client’s core FX platform. Revenue recognition will begin in H2 FY25.

“This win reflects the growing demand for our solutions as financial services organisations speed up their cloud strategies,” said Gordon McArthur, CEO at Beeks. “We remain focused on converting our strong pipeline, and we are confident in our ability to benefit from the growth ahead.”

High Demand for Cloud-Based Technology

Proximity Cloud is a private cloud solution from Beeks Financial Cloud Group, built specifically for capital markets. It provides a fully managed, low-latency setup that can be placed inside a firm’s chosen data centre, allowing fast and secure trading.

With built-in servers, storage, and network tools, it enables institutions to manage workloads through an easy-to-use portal and monitor performance in real time. It also connects smoothly with public cloud providers, supports hybrid setups, and avoids data egress charges.

Last month, Beeks also brought on board crypto exchange giant Kraken as a client for the use of its Exchange Cloud in its European data centre. With that, Kraken launched a new colocation service designed for fairness, access, and fast execution.

“By working with Beeks, we’re allowing even lower latency, more efficient price discovery, and deeper liquidity for all of Kraken’s spot and derivative markets,” said Shannon Kurtas, Head of Exchange at Kraken.

Meanwhile, with the signing of these two recent contracts—first with Kraken and now with an FX broker—Beeks is hopeful about its H2 FY25 sales progress. The company is also expecting more commercial contracts soon.