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The Singapore-based Crypto.com digital currency exchange will pay $216 million to take over IG Group’s stake in the North American Derivatives Exchange and in Small Exchange, a futures platform for retail traders, the Financial Times reported.
Both exchanges will be folded into the Crypto.com organization but both CEOs will remain in place, the company said.
The purchases will allow Crypto.com to begin offering crypto derivatives in the tightly-regulated U.S. market and “give our customers access to an entirely new set of financial tools to complement our current offering,” CEO Kris Marszalek told the FT.
The sale will close during the first half of 2022 if regulators permit it, the FT said.
Crypto.com began operating in 2016, is privately owned, and has about 3,000 employees worldwide, the company said, noting that its revenues have grown 20-fold this year as the crypto market exploded.
Crypto.com attracted notice in November when it paid $700 million to rename the Staples Center, Los Angeles’ primary sports arena, after itself (see “Crypto Firms Buying Naming Rights to Sports Palaces,” 23 Nov 2021).