Singapore-based crypto exchange and payment services provider Crypto.com has made another striking deal to expand its suite of products. The company announced on Wednesday that it has made a sale and purchase agreement to acquire two IG Group derivatives exchange platforms
The two companies, North American Derivatives Exchange, Inc. (Nadex) and Small Exchange, were acquired for $216 million, and the amount will be paid entirely in cash.
Nadex is a small derivative exchange in Chicago that primarily offers a market for binary options, call spreads and Touch Bracket (“knock-out”) contracts. Small Exchange also originates from Chicago and offers futures trading for individual investors. Both companies are registered with the CFTC.
Crypto.com wants to offer crypto derivatives in the United States with the latest acquisition. With this acquisition, which will likely close by FY2022, Crypto.com will be able to offer trading of “certain derivatives and futures products”, an extension to its current products offering.
“Our goal as a platform is to offer our customers a trusted, secure, and regulated platform with world-class tools to achieve financial independence,” said Kris Marszalek, co-founder and CEO of Crypto.com. “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.”
CEO of Nadex, Travis McGhee, and CEO of Small Exchange, Donald Roberts, will continue to serve their current position, as per the announcement.
Crypto.com is currently stepping up its overseas expansion. In November, it acquired the naming rights for the home stadium Staples Center for 20 years in a $700 million deal and rebranded it as ‘Crypto.com Arena.’