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Seeking Alpha 2021-12-01 20:36:41

Crypto.com acquires two exchanges from IG Group; tokens climb

Crypto financial services platform Crypto.com (CRO-USD) agrees to buy the North American Derivatives Exchange and the Small Exchange from London-based IG Group Holdings (OTCQX:IGGHY), the company says in a release. Meanwhile, Crypto.com's native digital token Crypto.com Coin (CRO-USD) gains 4.3% intra-day to $0.72 per token. The deal enables Crypto.com (CRO-USD) to provide its U.S.-based customers with the ability to trade certain derivatives and futures products. Both exchanges will fold under the Crypto.com brand. Nadex, an exchange for binary options, call spreads and Touch Bracket contracts, is part of the North American unit of IG Group (OTCQX:IGGHY). The Small Exchange is a retail trader-centric futures exchange, providing futures products. Crypto.com (CRO-USD) expects to close the acquisition of Nadex and the Small Exchange in the first half of next year. The move comes at a time when the company seeks to accelerate its brand awareness through naming-right deals.

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