GSR has received FINRA approval to complete the brokerage acquisition, accelerating its layout of the institutional cryptocurrency business in the United States

According to The Block, cryptocurrency market maker GSR has received approval from the Financial Industry Regulatory Authority (FINRA) and has officially completed the acquisition of Portland SEC-registered broker-dealer Equilibrium Capital Services, which is now renamed GSR Securities. GSR CEO Xin Song stated that this acquisition will strengthen its compliance broker-dealer platform capabilities in the United States, focusing on serving institutional clients.

GSR had previously disclosed plans to position its business as a "Web3 investment bank," and after the acquisition, it will further expand its tokenized financing business. Additionally, GSR has been active this year: in April, it launched the GSR Crypto Core3 ETF on Nasdaq, in March it acquired token consulting firms Autonomous and Architech, and invested in the tokenized platform Libeara under SC Ventures; last month, SC Ventures, the fintech investment arm of Standard Chartered Bank, became GSR's first external shareholder and completed its investment.