Crypto.com announced recently that it will acquire the US-regulated North American Derivatives Exchange, (Nadex), and the Small Exchange for $216 millions. This is because the major crypto exchange wants to consolidate its US presence. The deal is expected to close in the first half next year, subject approval from regulatory authorities. Crypto.com will also acquire IG Group’s vested interests in both exchange platforms. According to the announcement, Travis McGhee, the CEO of Nadex, and Donald Roberts, the CEOs at Small Exchange, will continue their respective roles.
Crypto.com plans to use two Chicago-based exchanges platforms to offer futures and derivatives products to its US clients. The Small Exchange currently offers futures products, and Nadex offers derivative products for retail investors. Kris Marszalek, Crypto.com’s co-founder and chief executive officers, suggests that his company is using this to provide customers with a holistic platform. He believes this gives Crypto.com customers a better chance of financial independence.
Nadex is a specialist in binary options, call spreads and Touch Bracket contract. The Small Exchange, however, offers futures products that are better suited to first-time investors.
Crypto.com has spent a lot of money to increase its visibility in the US. The world’s largest crypto exchange just spent $700 million last month to secure the naming rights for the Staples Center over the next 20 years. This arena is home to the Los Angeles Clippers and Los Angeles Lakers, two of the most popular NBA basketball teams.
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