Market data infrastructure and trading platform Xpansiv said Thursday it had purchased US brokerage Evolution Markets in a bid to grow its trading and settlement platform for voluntary carbon offsets.

Xpansiv, which is seen to own the ‘plumbing’ around carbon trading, announced Monday it completed its acquisition of APX, which owns energy and environmental trading infrastructure.

“Xpansiv have the cash and backing to almost do what they like in the space,” said one broker.