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Crypto.com to Acquire Nadex, Small Exchange From IG Group for $216M
The deal for the trading platforms will enable Crypto.com to offer certain derivatives and futures products to U.S.-based customers.
Crypto.com, a Singapore-based crypto exchange, said Wednesday that it has agreed to buy North American Derivatives Exchange (Nadex) and Small Exchange from London-based financial services firm IG Group for $216 million to expand its presence in the U.S.
- IG owns 39% of Small Exchange, which has previously received backing from Interactive Brokers Group, Phillip Capital, Jump Capital, Citadel and Peak6 Investments, according to Crunchbase.
- The deal is expected to close in the first half of 2022 subject to regulatory approval.
- Crypto.com will use the acquisition as a gateway to trade certain derivatives and futures products for U.S.-based customers.
- Nadex is a Chicago-based online exchange and clearing house offering retail-focused derivatives products on the some of the major global markets, while Small Exchange provides small, simplified futures products also for retail investors.
Read more: UK Broker IG Group Stops Retail Crypto Derivatives Trades After FCA Ban
STORY CONTINUES BELOW
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UPDATE (Dec. 1, 9:13 UTC): Adds other Small Exchange investors in second bullet point.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
