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Crypto.com Acquires Two US Derivatives Exchanges

Crypto.com to acquire two US derivatives and futures exchanges

Crypto.com aims to offer derivatives and futures to its US clients through the acquisition of Nadex and Small Exchange.

Global exchange Crypto.com seeks to strengthen its presence in the United States by acquiring IG Group stakes in two platforms exchange.

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Crypto.com announced that it is purchasing the United States regulated North American Derivatives Exchange (Nadex) and the Small Exchange for $ 216 million. The deal is expected to be finalized in the first half of 2022, after regulatory approval.

Both based in Chicago, Nadex offers derivatives to retail investors, while Small Exchange is known for its futures offerings, allowing Crypto.com to provide traditional instruments to its US clients. Crypto.com Co-Founder and CEO Kris Marszalek said the goal is to provide clients with a trusted, secure and regulated platform to achieve financial independence.

Regulated by the Commodity Futures Trading Commission, Nadex offers binary options, call spreads and Touch Bracket (“knockout”) contracts, according to the announcement. Small Exchange, on the other hand, offers smaller, capital-efficient futures products with the goal of attracting newbies.

According to the announcement, Travis McGhee and Donald Roberts will continue to serve as CEOs of Nadex and Small Exchange, respectively.

The acquisition adds to Crypto.com’s spending spree to make a name for itself in the United States. The company recently made headlines with its $ 700 million deal with AEG to buy the naming rights to the Staples Center, home to the Los Angeles Clippers and the Los Angeles Lakers in the NBA, for 20 years.

Crypto.com is also working to streamline its fiat deposit and withdrawal processes. Following its integration with the Circle API to enable US dollar bank transfers to Circle-based USD Coin (USDC) wallets, the exchange partnered with Silvergate Bank, a state-owned bank, to authorize dollar deposits and withdrawals for its clients. institutional.

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Par Erhan Kahraman, Cointelegraph

Erhan is a journalist and editor. As a physicist turned journalist, he is always looking for innovative technologies that will shape the future, and he believes that Bitcoin is one of them. Erhan also leads the Cointelegraph Turkey team.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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