Crypto.com bought two different exchanges together in a single deal to target US crypto users.
Crypto.com is a popular crypto exchange. Recently this exchange grabbed a top-level position in terms of highly downloaded apps in the US on the Google app store. In the past, Crypto.com established huge numbers of partnerships and a huge number of marketing strategies. The company mainly focused on the advertisement of its branding in the sports industry.
On 1 December, Crypto.com exchange announced that they bought two exchanges with a total of $216 million. These two exchanges are Nadex and the Small Exchange.
Now, these two exchanges will remain under the branding of the crypto.com exchange. And all the employees of these two companies will remain the same but ownership will remain in the hand of crypto.com, however, 39% of stakes are in the hand of the IG group. Nadex is giving mainly derivatives trading services, while the latter one is serving futures trading services to US clients.
According to the announcement, the whole deal will be done in cash payment because of some regulatory purpose and it will happen in Q1 to Q2 of 2022.
Kris Marszalek, CEO & Co-Founder, Crypto.com shared his happiness with this acquisition and said that crypto.com aimed to provide independent financial world-class services with high security to their clients. Further continues:
“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.”
June Felix, Global CEO of IG Group, said that this deal is going to be fantastic because this deal will give huge benefits to both the parties and it will also push the services to the next level because Nadex and the Small Exchange are strong innovative businesses. And also it will give huge advantages to all the people including clients involved in this business.