Broadridge Acquires Shadow And Could Soon Offer Crypto Services

Many traditional financial firms are moving into the crypto industry as digital assets approach mainstream adoption.

These companies seek to adopt the new technology as part of their business and become aligned with the changes that are coming into fintech.

Broadridge Financial Solutions Inc. has completed the acquisition of Shadow Financial Systems, a fintech firm based in New Jersey.

Shadow is a solution provider for the capital markets, and its clients have access to several assets.

The deal between Broadridge and Shadow could mean that the former will soon be providing cryptocurrency and exchange-traded derivatives (ETDs) to its clients.

Broadridge working on further building its services

Acquisition deals and partnerships have become more common in the crypto industry as startups in the business enter into these deals with firms that have bigger market capitalization.

Michael Alexander, the co-head of Wealth and Capital in the North American market for Broadridge, said that their acquisition of Shadow Financial Systems becomes the latest move by the firm as it works on becoming a leader in the provision of capital markets solutions.

He added that they look forward to bringing real benefits to new members of their platform and give existing clients new capabilities when they engage in business with Broadridge.

Don Marino, president of Shadow, said that they are excited about the new deal between his firm and Broadridge.

He added that they hope that this move will give their firm the ability to cater to the ever-changing needs of its clients.

The partnership will also add scalability, technology resources, and expertise on deep domains to the current structures that exist on Shadow.

The details about the deal between the two firms have been scarce as Broadridge did not provide any information about the specific clauses that are in agreement.

The company said that they would carefully scrutinize Shadow and the inner workings of its software.

This scrutiny is meant to provide in-depth knowledge about how the software can help the company to provide its clients with the best crypto trading services.

Growth of crypto trading services

Over this year, crypto trading has made massive strides and platforms that offer this service have seen growth in the number of traders engaging with the asset class.

Interest in crypto trading has grown as a result of Bitcoin’s performance over the year, among other factors. Many of the top cryptocurrency exchanges have reported increased trading volumes, and these numbers continue to grow steadily.

Broadridge has placed itself in a position to take advantage of the growing popularity of the asset class.

If the company launches a trading platform, its clients will gain access to crypto assets, and this will help further the mass adoption of these digital assets.