Singapore-based crypto platform Crypto.com has announced its plans to acquire the North American Derivatives Exchange (Nadex), a US-based retail-focused, regulated online exchange and clearinghouse that offers derivative products on various markets, and the Small Exchange futures exchange, for USD 216m.
Per the plan, the two takeovers are to be finalized in the first half of 2022, pending regulatory review. The takeover will be carried out by Foris DAX Markets, an entity that is part of the companies that form Crypto.com. Both firms will be integrated within the Crypto.com brand.
The platform said in a statement the two acquisitions will allow it to provide Crypto.com’s US-based customers with the chance to trade certain derivatives and futures products.
“Our goal as a platform is to offer our customers a trusted, secure, and regulated platform with world-class tools to achieve financial independence,” said Kris Marszalek, co-founder and CEO of Crypto.com. “This proposed acquisition […] will give our customers access to an entirely new set of financial tools to complement our current offering.”
Nadex is regulated by the US Commodity Futures Trading Commission (CFTC), and it is part of the North American unit of global financial services company IG Group which has a market capitalization of about USD 4.3bn.
“The proposed sale is a cash transaction with an approximate, aggregate price for the IG shareholdings in both companies of [USD] 216 million,” IG Group said in a statement.
The financial services firm holds about 39% of the shares in Small Exchange.
Set up in 2016, Crypto.com says it allows more than 10m customers to buy and sell some 150 cryptoassets. The platform’s ongoing drive to boost its global recognition includes a recently unveiled USD 100m advertising campaign featuring Oscar-winning actor Matt Damon.
At 9:25 UTC, the 14th coin by market capitalization CRO is trading at USD 0.736. It’s up 6% in a day and down 17% in a week.