Lukka’s acquisition will drive new business and expand capabilities as institutional demand for crypto accelerates.
Lukka, the leading enterprise crypto asset data and software provider, announced that it has acquired Blox Finance, the Cryptocurrency Accounting, Tracking and Management Software subsidiary of Blox, ETH staking and decentralized infrastructure provider.
Lukka has acquired Blox’s Crypto Accounting and Financial Data Management Software business, including Blox blockchain node infrastructure and intellectual property. The deal expands Lukka’s footprint of data management software and increases the firm’s coverage in addition to and adding more redundancy to existing data sets enabling more advanced risk processes that will support Lukka’s well established institutional customer base. The acquired assets will be brought under Lukka’s institutional-grade, AICPA SOC 1 Type II and SOC 2 Type II infrastructure meeting the highest institutional standards.
“The acquisition of Blox Finance and its node infrastructure is a natural fit for Lukka, adding to our expansive crypto data management capabilities and blockchain coverage,” said Robert Materazzi, Lukka’s CEO. “This acquisition marks an exciting milestone that will help accelerate keeping pace with our customers’ innovation rate as they trade across the many new crypto financial products.The Blox team has been incredible to collaborate with and we are excited to explore other opportunities as well going forward.”
“We could not have wished for a better company to take over the Blox Finance product suite and blockchain infrastructure services. Lukka’s acquisition allows us to handover our tech and expertise to a leader in the space”. Said Alon Muroch, Blox’s CEO. “We have no doubt that Lukka will put our infrastructure to good use, and continue providing best-in-class Crypto back office solutions. Blox will shift its focus on developing decentralized ETH staking solutions and building the Secret-Shared-Validator network.”
The acceleration of institutional demand for reporting that touches both on-chain and off-chain data sources, like staking and Decentralized Finance (DeFi), continues to drive significant transaction volumes across the ecosystem while creating complexities in the middle and back-offices of businesses. Increased regulatory scrutiny and maturation of crypto-business processes will require firms to adopt institutional-grade data and software solutions to support the rapid need for accounting, reconciliation, and reporting capabilities for crypto assets.
Lukka will continue to grow its on-chain services to meet the needs of its institutional customer base. Their customers rely on institutional-grade technology infrastructure with a breadth of coverage across blockchains, exchanges, wallets, and other venues and data sources. The acquisition will also allow the company to drastically expand data offerings for their enterprise data customers.