OTC Exchange Network (OTCXN), an institutional trading network and infrastructure provider utilizing blockchain technologies, has acquired Ogg Trading, a New York-based provider of institutional trading technology for iforeign-exchange markets.
According to the press release announcing the acquisition, the deal creates a “digital asset trading network” that offers the same level of security, compliance, KYC, and AML procedures as established operations. It caters to existing and potential clients who asked for an efficient platform to trade with like-minded institutions.
OTC Exchange Network added that the buyout of Ogg helps accelerate the adoption of its blockchain-powered trading infrastructure platform in both the FX and cryptocurrency markets.
The acquisition is also furthering the legitimization of the crypto and blockchain markets by offering institutions a platform on which they can transact digital and traditional assets securely with high quality and deep liquidity.
OTCXN was established by electronic trading and e-FX technology expert Rosario Ingargiola, founder of FXone. Its “proprietary blockchain fabric is offered on a stand-alone basis for global enterprise businesses which require absolute certainty of event chronology, strict data privacy and security, and high-frequency events,” the press release reads.
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OTCXN taps two veterans from Ogg
In turn, Ogg Trading operates as an electronic trading technology company that provides matching engine, liquidity aggregation, and smart order routing technologies for large institutional clients, including multinational banks, asset managers, hedge funds and pension funds.
David Ogg, who founded the company in 2011, will join OTCXN as part of the buyout deal. He brings more than a quarter-century worth of industry knowledge to his new position, having previously worked as CEO of Hotspot FX, founder, and CEO of Lava FX, as well as head of foreign exchange at Credit Suisse and HSBC.
In addition, OTCXN has onboarded Ogg Trading’s chief technology officer Rutie Zhou, who previously served in leading trading platform development roles at Natixis, Bear Stearns, and Hotspot FX.
Commenting on the news, Rosario Ingargiola, founder and CEO of OTCXN, said: “The Ogg Trading platform has an impressive track record of serving large global institutional trading firms supported by tier-one prime brokers. OTCXN is receiving heightened interest from major institutional traders, banks, and exchanges, and we’re excited to have Dave and Rutie join us as we embark on the next extraordinary growth phase of our company.”
In turn, Ogg commented that “our institutional-grade trading platforms, incorporating OTCXN’s powerful blockchain technology, will expand reach for institutional FX clients while significantly reducing trading counterparty and settlement risk.”