Crypto.com has been on a marketing rampage lately and has shown no signs of slowing down. The project had shocked the market when it had acquired Staples Center in a deal that saw the legendary arena change its name to Crypto.com Arena. The wave of marketing has paid off so far given how well its native token CRO has done in the market.
Crypto.com continues this streak with another deal with IG Group. This time acquiring two new trading exchanges under the deal. This will help to fastback the cryptocurrency which is currently one of the fastest-growing cryptocurrencies in the space.
Related Reading | Staples Center Is Now Crypto.com Arena In New Naming Rights Deal
Crypto.com Buys Nadex And Small Exchange
On Wednesday, December 1st, Crypto.com announced that it had reached a deal with IG Group to acquire two exchanges under its wing. Nadex and the Small Exchange were listed as the two exchanges. Both exchanges offer various services to clients, with Nadex serving as a U.S.-based and retail-focused regulated online exchange and clearinghouse for derivative products, while the Small Exchange is a futures exchange also for retail customers.
CRO trading at $0.756 | Source: CROUSD on TradingView.com
Crypto.com completed the deal to acquire both exchanges for an estimated $216 from IG Group. Nadex is owned by IG Group, but the company only holds 39% stakes in the Small Exchange. The deal would have to satisfy conditions such as undergoing a regulatory review and the transaction will be paid for in cash, with an expected close date in the first half of 2022.
Moving Forward
The purchase of both exchanges will enable Crypto.com to offer users in the U.S. the opportunity to carry out trades on certain derivatives and futures products. It is the next step in the expansion of Crypto.com’s reach across the space and bringing crypto offerings closer to its customers.
“Our goal as a platform is to offer our customers a trusted, secure, and regulated platform with world-class tools to achieve financial independence. This proposed acquisition builds on that promise and will give our customers access to an entirely new set of financial tools to complement our current offering.” – Kris Marszalek, CEO & Co-Founder, Crypto.com
Related Reading | Mark Cuban Weighs In On Staples Center’s Name Change To Crypto.com
Upon completion of the deal, CEOs of both exchanges, Travis McGhee and Donald Roberts, will retain their roles going forward. However, both companies will be under the Crypto.com brand.
June Felix, Global CEO of IG Group, expressed satisfaction with the deal, stating; “This is a fantastic deal that is beneficial to all parties. Nadex and the Small Exchange are strong innovative businesses, and we are pleased that Crypto.com has recognized their potential. This will be an exciting time for clients and all those involved in the businesses.”
Featured image from Master The Crypto, chart from TradingView.com
