Cryptocurrency exchange Crypto.com agreed to buy North American Derivatives Exchange (Nadex) and Small Exchange Inc. to expand its presence in the U.S.
- Both exchanges are part of the North American branch of London-based IG Group, the FTSE 250-listed online-trading firm with a market cap of around $4.3 billion. IG owns 39% of Small Exchange, and will receive $216 million from the transaction, IG announced Wednesday.
- 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 U.S-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
