Crypto.com has been on a marketing tear recently and shows no signs of abating. The initiative had stunned the market by acquiring Staples Center in a deal that saw the renowned venue renamed Crypto.com Arena. Given how well its native token CRO has performed in the market, the wave of promotion has so far paid off.
Crypto.com’s winning run continues with another agreement with IG Group. The agreement this time includes the acquisition of two additional trading exchanges. This would aid in the acceleration of the cryptocurrency, which is now one of the fastest-growing cryptocurrencies in the market.
On December 1st, Crypto.com stated that it had achieved an agreement with IG Group to acquire two exchanges. The two exchanges were designated as Nadex and the Small Exchange. Both exchanges provide clients with a variety of services, with Nadex functioning as a U.S.-based and retail-focused regulated online exchange and clearinghouse for derivative goods and the Small Exchange operating as a futures exchange for retail users as well.
Crypto.com finalized the acquisition of both exchanges from IG Group for an estimated $216. IG Group owns Nadex; however, it only has a 39 percent ownership in the Small Exchange. The purchase will be paid for in cash and is scheduled to conclude in the first half of 2022, subject to certain criteria such as regulatory approval.
With the acquisition of both exchanges, Crypto.com will provide customers in the United States the ability to trade on certain derivatives and futures products. It is the next phase in Crypto.com’s development into the industry and bringing crypto services closer to its clients.
Kris Marszalek, CEO & Co-Founder 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.”
After the transaction is completed, the CEOs of both exchanges, Travis McGhee and Donald Roberts, will continue in their positions. Both firms, however, will operate under the Crypto.com name.
June Felix, Global CEO of IG Group, expressed her delight with the transaction, saying, “This is a terrific agreement that benefits all parties.” Nadex and the Small Exchange are powerful, creative companies, and we are glad that Crypto.com sees their potential. This will be a thrilling time for clients and everyone associated with the company.”