The move helps Crypto.com expand into the derivatives and futures product markets for US-based customers.
Crypto.com Buys Two Exchanges
Crypto.com snagged more headlines by announcing the purchase of two exchanges: the North American Derivatives Exchange (Nadex) and Chicago-based, Smaller Exchange. Crypto.com closed the deal at $216 million for the two exchanges from London-based financial services firm, IG Group.
The announcement came from an official blog on Wednesday, Dec. 1st, where Crypto.com indicated the move will be specific to US-based customers. The deal is not yet completed, but Crypto.com hopes to solidify the move in early 2022, where both companies will consolidate under the Crypto.com name––a powerful name to hold. The move signals a continuation of Crypto.com’s hunger for acquisitions and an expansion into derivatives and futures products.
“Our goal as a platform is to offer our customers a trusted, secure, and regulated platform with world-class tools to achieve financial independence,” Kris Marszalek, Co-founder and CEO of Crypto.com, said in the blog on Dec. 1. “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.”
Nadex and Smaller Exchange will provide Crypto.com with the necessary infrastructure and resources to hit the ground running with derivatives and futures products. Both companies are specialists in different sectors; Nadex will help with retail-focused trading on the world’s most heavily traded markets, while Smaller Exchange aims for simpler retail products.
“This is a fantastic deal that is beneficial to all parties. Nadex and the Small Exchange are strong innovative businesses, and we are pleased that Crypto.com has recognized their potential. This will be an exciting time for clients and all those involved in the businesses”, added June Felix, Global CEO, IG Group.
About Crypto.com
Crypto.com is a cryptocurrency exchange that was started operating in 2016. It has extended its reach to over 10 million users within five years. The platform was founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, with its headquarters in Hong Kong. In addition to the cryptocurrency application, the platform also runs the Crypto.com Visa card, one of the world’s largest cryptocurrency card programs, the exchange, and a DeFi wallet. The exchange operates across three continents, the Americas, Europe, and Asia.
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