Crypto.com has agreed to acquire two United States-based retail-focused derivatives exchange platforms from IG Group Holdings, according to an announcement issued on Wednesday.
The deal is worth $216 million and will be paid for in cash.
The two platforms are North American Derivatives Exchange, Inc. (Nadex) and Small Exchange. According to the announcement, IG held a 39% stake in the latter prior to the sale.
Nadex, based in Chicago, is a regulated derivatives exchange, offering markets like binary options, knock-outs, and call spreads while Small Exchange offers simplified access to the futures trading market. Both platforms are registered with the US Commodities Futures Trading Commission (CFTC).
Once the acquisition is finalized, Crypto.com will begin offering derivatives and futures trading to its customers in America.
The deal is expected to be completed before the end of the first half of 2022 pending regulatory approval. The $216 million outlay comes barely a fortnight after Crypto.com agreed to pay $700 million in cash to rename the Staples Center in Los Angeles to the Crypto.com Arena. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.