Singapore-based cryptocurrency exchange “Cryptocom” bought two small exchanges, US-based NADEX and Small Exchange, for $216 million.
The Cryptocom exchange will use the exchanges it acquires as part of its expansion plans as a medium for US clients to trade certain derivatives and futures products.
Both exchanges are part of the North American branch of London-based IG Group. The North American Derivatives Exchange (NADEX) is a US-based online exchange offering retail-focused derivatives, while Small Exchange is a futures exchange offering small, simplified futures products for retail investors.
Kris Marszalek, co-founder and CEO of CryptoCom, said in a statement that their main goal is to provide a platform that is secure, regulated and made up of world-class tools. “Final Our goal is to achieve financial independence. In this context, our stock market purchases are built on this goal.” said.
June Felix, CEO of IG Group Global, commented on their agreement with Cryptocom:
“This is a great deal that benefits all parties. Nadex and Small Exchange are powerful innovative businesses. We are pleased that Crypto.com realizes the potential of these exchanges. This will be an exciting time for customers and anyone interested in businesses.”
Cryptocom also makes a name for itself with its collaborations in the field of sports. In addition to a sponsorship deal with the NBA team Los Angeles Lakers, he also signed a deal with Formula 1.
The price of the CRO rose 6% after the news.
*Not investment advice.