Cryptocurrency platform Crypto.com has signed a deal to buy two US derivatives exchanges from financial company IG Group Holdings.
According to IG Group, the crypto company will pay $216 million for its stakes in North American Derivatives Exchange (Nadex) and Small Exchange.
Nadex, a CFTC-regulated and registered online exchange, offers derivatives on some of the world's most heavily traded markets. Small Exchange is a futures platform that supports smaller, simpler products that also cater to retail customers. Kris Marszalek, co-founder and CEO of Crypto.com, said:
"This proposed acquisition builds on that promise and will give our customers access to an entirely new set of financial tools to complement our current offering."
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June Felix, CEO of IG Group, has said the deal is "beneficial to all parties." Both exchanges are "strong innovative businesses," she has said, and Crypto.com has assessed their potential.
The deal is expected to close during the first half of 2022 once regulatory approval is received. Both companies will be part of the Crypto.com brand.