Connect with us
Active Currencies 13533
Market Cap $2,787,779,104,395.00
Bitcoin Share 49.98%
24h Market Cap Change $2.31

Crypto.com will acquire two US-based exchanges from IG Group, in $216 million deal

2min Read

Share this article

Prominent cryptocurrency exchange Crypto.com is acquiring two exchanges from financial services firm IG Group Holdings Plc. for $216 million. As per the statement from IG Group, the exchanges are North American Derivatives Exchange Inc. [Nadex] and Small Exchange Inc, in which Crypto.com will acquire a nearly 40% stake.

As per details of the deal, it is expected to close in the first half of 2022, subject to regulatory approval. The co-founder and chief executive officer of Crypto.com, Kris Marszalek noted in the company’s statement that the proposed acquisition “will give our customers access to an entirely new set of financial tools.”

As far as the soon-to-be-acquired exchanges are concerned, Small Exchange had previously received backing from Interactive Brokers Group, PhillipCapital, Jump Capital, Citadel, and Peak6 Investments, as per Crunchbase. Reportedly, Crypto.com will use the acquisition as a gateway to trade certain derivatives and futures products for U.S.-based customers.

Meanwhile, Nadex, US-based online exchange offers retail-focused derivatives products on some of the major global markets. As per IG Group’s CEO, June Felix,

“This deal supports IG’s strategic objectives by delivering a significant return on the previous investments made in Nadex and Small Exchange and now sharpening IG’s focus on growing and expanding the U.S. options and futures businesses.”

The booming crypto market has been witnessing a growing interest. Many crypto companies are establishing new partnerships and acquisitions, including Crypto.com. The company recently made a $700-million deal with AEG to buy the naming rights of the Staples Center, which was the home of the NBA’s Los Angeles Clippers and Los Angeles Lakers for 20 years.

As per reports, Crypto companies have attracted 520%  more capital in 2021 compared to 2020. To put things in perspective, this value was around $3.1 billion in 2020 and has grown to $21.3 billion in 2021. This is a major metric to focus on going forward, it indicates the rising interest of the investors in crypto and associated businesses.

Share

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.