Two Exchanges from IG Group Holdings Plc have been bought by Crypto.com, which has been grabbing headlines recently with its naming-rights deals.
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According to a statement from the IG Group, the platform agreed to acquire North American Derivatives Exchange Inc. Nadex and IG's nearly 40% stake in Small Exchange Inc. for $216 million in cash. In London, IG Group shares rose by as much as 1.8%.
The Small Exchange, which includes Citadel Securities, Jump Capital, Interactive Brokers Group Inc. and Peak 6 Investments, recently added cryptocurrencies related futures to its product list. Nadex is a U.S. derivatives exchange that sells products such as binary options and call spreads, and is regulated by the Commodity Futures Trading Commission.
Kris Marszalek, co-founder and chief executive officer of Crypto.com, said that the proposed acquisition will give customers access to an entirely new set of financial tools.
The market for cryptocurrencies has exploded in the past year, both in terms of asset prices and overall product offerings. Deals in criptocurrencies have surged as rivals try to grab market share. In the past few days, Coinbase Global Inc. announced a deal for Israeli coin-security company Unbound Security and the team fromBRD. In mid-November, Gemini Trust Co. did a fundraising round valued at $7.1 billion and in October, Cboe Global Markets Inc. re-entered criptocurrency by buying Eris Digital Holdings LLC.
The transaction is expected to be completed in the first half of 2022, subject to conditions including regulatory review, IG Group said in its statement.
The deal supports IG's strategic objectives by delivering a significant return on the previous investments made in Nadex and Small Exchange and has sharpened IG's focus on growing and expanding the U.S. options and futures businesses, said June Felix, CEO of IG Group.
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