Crypto.com, which recently made headlines for its patents, is expanding its history by purchasing two exchanges at financial services company IG Group Holdings Plc.
According to an IG group statement, the cryptocurrency platform has agreed to buy North American Derivatives Exchange Inc. (Nadex) and IG have about 40% of shares in Small Exchange Inc. for $ 216 million. In London, IG Group shares rose by almost 1.8 percent.
Small Exchange, based in Chicago and backed by Citadel Securities, Jump Capital, Interactive Brokers Group Inc., and Peak6 Investments, has recently added a crypto-related future to offering its product. Nadex is a United States-based alternative exchange offering products such as binary options and mobile distribution. Administered by the Commodity Futures Trading Commission.
The proposed acquisition "will give our customers access to a new set of financial instruments," Kris Marszalek, founder and CEO of Crypto.com, said in a statement.
In terms of commodity prices and overall product offerings, the crypto market exploded last year. Deal activity in cryptocurrency has increased as competitors compete for market share. Coinbase Global Inc. recently announced an agreement with Israeli cryptographic-security company Unbound Security and crypto wallet company BRD. Gemini Trust Co. raised $ 7.1 billion in a fundraising round in mid-November, and Cboe Global Markets Inc. re-entered the crypto space in October with the purchase of Eris Digital Holdings LLC.
The operation is expected to close in the first half of 2022, subject to conditions such as official authorization, according to a statement from IG Group.
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