Crypto.com has revealed plans to acquire IG Group's NADEX and Small Exchange for $216 million. The deal will be made up of cash and is expected to be completed next year.
London-based brokerage IG announced plans to sell its stake in its two subsidiary trading platforms: North American Derivatives Exchange (Nadex) and Small Exchange, to Foris DAX Markets, which operates as Crypto.com.
Nadex is one of the few regulated American platforms offering binary options, while the Small futures exchange has only been operating since June 2020.
Deal Valued at USD216 Million
Although only owns about 39 percent of Small Exchange, IG's combined shareholding in the two companies is estimated at $216 million, of which the deal will be made in cash.
Handover transactions do have to meet customary conditions including regulatory review, which is why IG and Crypto.com hope to close the deal in the first half of 2022.
CEO of IG Group, June Felix, expressed his delight with this deal, as it provides a significant return on previous investments made in Nadex and Small Exchange and allows for additional investments in all IG businesses. The CFD broker's performance is now more focused on integration and expansion into the US and futures business through the Delicioustrade and Deliciousworks franchises.
Meanwhile, with this deal, Crypto.com plans to expand its offering to US customers. Kris Marszalek, Co-Founder, and CEO of Crypto.com wants to bring clients a trusted, secure and regulated platform, so this acquisition is expected to give Crypto.com customers access to a whole new set of financial tools.