Crypto.com recently announced that it is acquiring the US-regulated North American Derivatives Exchange (Nadex) as well as the Small Exchange for $216 million. The reason for this is that the major crypto exchange is looking to consolidate its presence in the US. According to reports, the deal will conclude in the first half of next year, subject to regulatory approval. Furthermore, Crypto.com is assuming ownership of both exchange platforms by acquiring IG Group’s vested stakes in them. Going by the announcement, the CEOs of Nadex and the Small Exchange, Travis McGhee and Donald Roberts respectively, will continue in their roles.
Crypto.com intends to use the two Chicago-based exchange platforms to offer derivatives and futures products to its US clientele. Currently, Nadex already offers derivative products to retail investors, while the Small Exchange offers futures products. Crypto.com co-founder and chief executive officer Kris Marszalek suggests that his company is leveraging this, with the goal being to offer customers a holistically sound platform. This, he says, gives Crypto.com’s customers a higher chance at attaining financial independence.
Nadex’s specialty is binary options, call spreads, and Touch Bracket contracts, while the Small Exchange offers futures products better suited for first-time investors.
Crypto.com has been spending big on enhancing its visibility in the US. Only last month, the leading crypto exchange spent $700 million to secure the naming rights of the Staples Center for the next 20 years. This arena is the historic home ground of popular NBA professional basketball teams, the Los Angeles Lakers and the Los Angeles Clippers.
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