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DeFi Technologies Completes Acquisition of Leading Digital Asset Liquidity Provider Stillman Digital

DeFi Technologies Acquires Digital Asset Provider Stillman

DeFi Technologies Inc., a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (“DeFi“), is pleased to announce the successful completion of its acquisition of Stillman Digital Inc. and Stillman Digital Bermuda Ltd., a leading global liquidity provider offering industry-leading trade execution, settlement, and technology services (the “Acquisition“).

Stillman Digital’s Core Products & Services

  • Electronic Trade Execution: Stillman Digital generates over US$500 million in monthly volume with 24/7 streaming prices, providing deep liquidity across available assets. Clients can execute trades via the Web Portal or API, with price feeds aggregated from over 30 global exchanges and trading firms. Additionally, complex order types (TWAP, VWAP) and price data streams for the top 300 tokens are offered.

  • OTC Block Trading: Stillman Digital processes an average trade size of $2 million+, offering a high-touch concierge service for large block trades. Trades are conducted via voice or chat, with manual trade confirmations handled by the back office. Acting as a global on/off ramp into the crypto markets, Stillman on-ramps US$40-80 million daily and processes over US$1 billion+ in monthly trade volumes.

  • Market-Making: Stillman Digital provides liquidity to central limit order book products through strategic partnerships and exchanges, currently handling US$400 million in monthly volume and experiencing rapid growth.

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Newly Licensed & Future Revenue Drivers

  • Institutional Focus: As part of its broader growth strategy, Stillman Digital will continue executing against its strategic development roadmap, focused on adding and deepening relationships with large corporate and institutional clients. By leveraging its existing blue-chip regulatory licenses, proprietary trading technology, and liquidity network, Stillman Digital is poised to realize additional growth and market share as part of the broader Defi Technologies ecosystem. DeFi’s platform will help unlock revenue synergies and economies of scale via its distribution channels, balance sheet, and marketing expertise.
  • Custody: Stillman Digital offers secure storage solutions with advanced encryption, multi-signature technology, and insurance. Utilizing state-of-the-art encryption and multi-signature technology, Stillman provides maximum security, offering both cold storage for long-term asset preservation and warm wallet solutions for convenient access. Stillman Digital provides 24/7 monitoring and support to safeguard clients’ assets and implement rigorous compliance and regulatory standards to maintain trust and transparency. Revenue is generated through custody fees based on the volume and value of assets under management.

  • Foreign Exchange: Stillman Digital plans to facilitate competitive currency exchange with access to a wide range of fiat and digital asset pairs. Using advanced trading algorithms and liquidity providers, they ensure optimal execution. Clients benefit from real-time market insights and analysis to make informed trading decisions and have access to customizable trading interfaces via Web Portal or API. Revenue is generated through spreads on currency pairs and trading volume.

  • Proprietary Trading: Future balance sheet maximization will be achieved via market-neutral proprietary trading activities across various digital asset markets. Sophisticated trading strategies and risk management techniques are utilized to generate consistent returns on capital. Cutting-edge technology and data analytics are leveraged to identify profitable trading opportunities. Strict compliance and regulatory controls are implemented to mitigate risks and ensure adherence to applicable laws. Revenue is generated through trading profits.

Stillman Digital’s technology investment and client diversification are expected to continue delivering profitable growth. Its established onshore and offshore regulatory credibility and extensive network of banking relationships create a competitive moat, laying the foundation for continued success. Custody, Foreign Exchange, and Proprietary Trading services are anticipated to drive future revenue and further expand Stillman’s market presence.

The Acquisition aligns with DeFi Technologies’ strategic goals by bolstering its trading capacities and diversifying both its customer base and revenue streams. By integrating Stillman Digital into its operations, DeFi Technologies plans to internalize part of the trading flows from its portfolio companies such as Valour and leverage Stillman’s expertise to enhance its trading capabilities within DeFi Alpha and its global operations.

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DeFi Technologies anticipates further supporting Stillman Digital’s institutional growth strategy by providing it access to more opportunities within the digital asset space through its network, balance sheet, rebranding, distribution channels, and as part of the broader group of DeFi Technologies companies.

Moreover, the Acquisition will diversify DeFi Technologies’ client base and stabilize its revenue streams. While Valour primarily serves off-chain retail and high-net-worth clients, Stillman Digital focuses on on-chain institutional clients, providing a balanced client portfolio. Additionally, Stillman’s on/off-ramp business, which grew 178% during the 2022 market downturn, will help smooth out Valour’s more cyclical revenue tied to crypto price movements, mitigating downward volatility and ensuring stability during all market conditions.

Transaction Details

In connection with the Acquisition, DeFi Technologies acquired all issued and outstanding securities of Stillman Digital for 2.5 million common shares of DeFi Technologies (the “Payment Shares“). 1 million of the Payment Shares are subject to a lock-up schedule and released over a period of a year. No finder fees were paid in connection with the Acquisition.

Executive Comments

Jonathon Milks commented, “Teaming up with DeFi Technologies signals an exciting new phase in the evolution of Stillman Digital. This partnership will further bolster our ability to offer high-quality liquidity solutions and trading services to institutional customers. Together, we will push forward in closing the gap between traditional finance and decentralized finance. We look forward to tapping into the DeFi team’s expansive network in the web3 industry to fuel customer acquisition and continue driving profitable growth, all while building on the robust technological and regulatory framework we’ve developed at Stillman over the last four years.”

Olivier Roussy Newton, commented, “The Acquisition is a strategic step that not only expands our capabilities in the trading sector but also diversifies our client base and revenue streams. We are excited to integrate Stillman Digital’s expertise into our operations and enhance our comprehensive suite of services.”

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