In Brief:
- Crypto.com struck a deal with IG Group to acquire two trading platforms.
- Nadex and the Small Exchange are the two exchanges that will be purchased for $216 million.
- The acquisition will act as a gateway to trade certain derivatives and futures products for U.S.-based customers.
Crypto.com, the world’s fastest-growing cryptocurrency platform, has been actively working towards strengthening its foothold in the US with the acquisition of two exchange platforms. Both of these exchanges are under the deal with IG Group. The deal is expected to close in the first half of 2022. Nadex and the Small Exchange were listed as the two trading platforms to be sold for $216 million in cash.
The purchase of both exchanges will allow Crypto.com to offer users in the U.S. the opportunity to carry out trades on certain derivatives and futures products. This month, Crypto.com has also secured a 20-year deal with AEG to buy the naming rights to the Staples Center in LA. All these initiatives will eventually direct Crypto.com to expand its reach across the space and to make crypto offerings accessible to its customers.
The goal is to offer a trusted, secured, and regulated platform with top-notch tools to achieve financial independence. Crypto.com will use the acquisition as a gateway to trade certain derivatives and futures products for U.S.-based customers.
Kris Marszalek, co-founder and chief executive officer of Crypto.com, stated the purpose of this acquisition saying that this will provide our customers access to an entirely new set of financial tools and complement our current services.
June Felix, Global CEO of IG Group, also showed her agreement on the deal, saying that the deal is beneficial for all parties. Nadex and the Small Exchange are strong innovative exchanges, and crypto.com has recognized their potential.
Nadex (North American Derivatives Exchange Inc.) is a U.S.-based online trading platform for products including call spreads and binary options and is regulated by the Commodity Futures Trading Commission. It provides small, simplified futures products for retail investors.
The Small Exchange, which is based in Chicago and counts Jump Capital, Citadel Securities, Interactive Brokers Group Inc., and Peak6 Investments among its investors, recently included crypto-related futures to its product list.
