Crypto.com acquires two US derivative and future exchanges

Crypto.com acquired the two exchanges from IG Group Holdings for $216m

Crypto.com company logo                                 
Crypto.com has acquired Nadex and the Small Exchange - Photo: Alamy
                                

Crypto.com, the world’s fastest-growing cryptocurrency platform, has acquired the North American Derivatives Exchange (Nadex) a retail-focussed, regulated online exchange and the Small Exchange, a futures exchange, both based in the US.

Crypto.com acquired the two exchanges from financial services firm IG Group Holdings for $216m (£162m) according to Bloomberg.

The crypto platform plans to offer its US customers the chance to trade certain derivatives and futures products through this acquisition.

The acquisition is expected to be completed during the first half of 2022, pending regulatory review, when both companies will come under the Crypto.com brand.

Both exchanges based in Chicago

Nadex is a US exchange for binary options, call spreads and Touch Bracket (knock-out) contracts. It is regulated by the Commodity Futures Trading Commission (CFTC).

The Small Exchange is a retail, trader-centric futures exchange “providing futures products that are smaller, more capital efficient, simple to use, and easy to understand.”

Both exchanges are based in Chicago, Illinois, and Travis McGhee and Donald Roberts will continue in their roles as CEOs of Nadex and the Small Exchange respectively, following the acquisition.

Gives Crypto.com’s customers access to ‘new set of financial tools’  

Kris Marszalek, co-founder and CEO of Crypto.com said: “Our goal as a platform is to offer our customers a trusted, secure, and regulated platform with world-class tools to achieve financial independence. 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.”

June Felix, global CEO of IG Group said: “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 recognised their potential. This will be an exciting time for clients and all those involved in the businesses.”

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