Crypto.com Buys IG’s Stake in Citadel, Peak6-Backed Exchange
(Bloomberg) --
Crypto.com, which has been grabbing headlines lately with its naming-rights deals, is expanding its footprint in another way: Buying two exchanges from financial services firm IG Group Holdings Plc.
The cryptocurrency platform agreed to acquire the North American Derivatives Exchange Inc. (Nadex) and IG's nearly 40% stake in the Small Exchange Inc. for $216 million in cash, according to a statement from IG Group. IG Group shares rose as much as 1.8% in London.
The Small Exchange, which is based in Chicago and counts Citadel Securities, Jump Capital, Interactive Brokers Group Inc. and Peak6 Investments among its investors, recently added crypto-related futures to its product list. Nadex is a U.S. derivatives exchange for products including binary options and call spreads, and is regulated by the Commodity Futures Trading Commission.
The proposed acquisition “will give our customers access to an entirely new set of financial tools,” said Kris Marszalek, co-founder and chief executive officer of Crypto.com, in the company's own statement.
The crypto market has exploded in the past year both in terms of asset prices and overall product offerings. Deals activity in crypto has surged as rivals scramble to grab market share. Just in the past few days, Coinbase Global Inc. announced a deal for Israeli cryptographic-security company Unbound Security and the team from crypto wallet firm BRD. In mid-November, Gemini Trust Co. did a fundraising round that valued it at $7.1 billion, and in October, Cboe Global Markets Inc. re-entered crypto by buying Eris Digital Holdings LLC.
The transaction is expected to be completed in the first half of 2022, subject to conditions including regulatory review, IG Group said in its statement.
“This deal supports IG's strategic objectives by delivering a significant return on the previous investments made in Nadex and Small Exchange and now sharpening IG's focus on growing and expanding the U.S. options and futures businesses” said June Felix, IG Group's CEO, in the statement.
©2021 Bloomberg L.P.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
