Cryptocurrency platform Crypto.com is expanding its suite of product offerings after announcing the sale and purchase agreements with North American Derivatives Exchange (Nadex) and the Small Exchange.
The acquisition of the two exchanges will enable Crypto.com to provide US-based customers with trading of “certain derivatives and futures products” and expand upon its current product offerings.
The exchanges were purchased from the online trading platform IG Group for $216 million, with the acquisition set to complete by Q2 2022 following a regulatory review of the purchase. Both exchanges will then operate under the Crypto.com brand.
“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 builds on that promise and will give our customers access to an entirely new set of financial tools to complement our current offering.”
Chicago-based Nadex is a retail-focused, regulated online exchange that offers derivative products on an array of the “world’s most heavily traded markets”, and is registered and regulated with the Commodity Futures Trading Commission (CFTC).
Small Exchange is a futures exchange that offers “smaller, simpler products” also aimed toward retail customers.
Crypto.com has seen major mainstream adoption in recent months following the rebranding of the iconic Staples Center to the ‘Crypto.com Arena’ and the release of its Cronos mainnet, which offers users seamless NFT and DeFi support alongside deposits and withdrawals of popular assets including SHIB and DOGE.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.