Crypto.com to buy two exchanges from IG Group for $ 216 million, CRO price rises 8%

Crypto.com, which recently made headlines with naming rights deals, is now expanding its presence in another way: by purchasing two exchanges from financial services firm IG Group Holdings Plc.

Crypto.com has agreed to sell the North American Derivatives Exchange Inc. (Nadex) and Small Exchange Inc. for $ 216 million, according to a statement from IG Group.

Small Exchange is headquartered in Chicago and includes investment firms Citadel, Jump Capital, Interactive Brokers Group Inc. and Peak6 Investments among its investors who recently added crypto-related futures contracts to their product listing.

Nadex is an American derivatives exchange for products such as binary options and call spreads (an option arbitrage strategy) and is regulated by the US Commodity Futures Trading Commission (CFTC).

Kris Marszalek, co-founder and CEO of Crypto.com, said in the company’s separate statement that the proposed acquisition “will give customers access to a whole new range of financial instruments.”

The cryptocurrency market has exploded over the past year in terms of both price and overall product offerings. Cryptocurrency trading has increased as competitors battle for market share. Just in the last few days Coinbase Global Inc. announced a deal for the Israeli security company Unbound Security and the team of the crypto wallet company BRD. In mid-November, Gemini Trust Co. completed a $ 7.1 billion financing round, and in October, Cboe Global Markets Inc. returned to the crypto market by purchasing Eris Digital Holdings LLC.

IG Group said the transaction is expected to close in the first half of 2022 subject to conditions including a regulatory review.

“This agreement supports IG’s strategic goals by delivering substantial returns on previous investments in Nadex and Small Exchange, and strengthens its focus on growing and expanding its options business and IG futures contracts in the US,” said June Felix, CEO of the IG Group, in the statement.

Crypto.com’s CRO token price is up more than 8% on the news and is currently trading at $ 0.74.

Source: TradingView

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