Crypto.com, the world’s fastest-growing cryptocurrency and financial services platform, today announced that it has executed a sale and purchase agreement to acquire the North American Derivatives Exchange® (Nadex®) — a leading U.S.-based retail-focused, regulated online exchange and clearing house offering derivative products on some of the world’s most heavily traded markets — and the Small Exchange — a revolutionary futures exchange offering smaller, simpler products also aimed toward retail customers.
The proposed acquisition of Nadex and the Small Exchange will enable Crypto.com to provide its U.S.-based customers with the opportunity to trade certain derivatives and futures products.
“Our goal as a platform is to offer our customers a trusted, secure, and regulated platform with world-class tools to achieve financial independence,” said Kris Marszalek, Co-founder and CEO of Crypto.com.
“This proposed acquisition builds on that promise and will give our customers access to an entirely new set of financial tools to complement our current offering.” Nadex is part of the North American unit of IG Group (LON: IGG), a FTSE 250 global financial services firm with a market cap of approximately $4.3 billion USD. Based in Chicago, Ill., Nadex is the premier U.S. exchange for binary options, call spreads, and Touch Bracket (“knock-out”) contracts, offering secure and innovative ways to participate in the markets. Nadex is registered with, and subject to regulation by the Commodity Futures Trading Commission (CFTC). Member funds are held in segregated accounts in major U.S. banks.
The Small Exchange is a retail trader-centric futures exchange, providing futures products that are smaller, more capital efficient, simple to use, and easy to understand. The Chicago-based company facilitates the trading of exchange-created proprietary products for a range of market participants including market-makers/liquidity providers, Introducing Brokers (IBs), Futures Commission Merchants (FCMs), proprietary trading firms, and hedge funds. Travis McGhee and Donald Roberts will continue in their roles as CEOs of Nadex and the Small Exchange respectively, post close.
“This is a fantastic deal that is beneficial to all parties. Nadex and the Small Exchange are strong innovative businesses, and we are pleased that Crypto.com has recognized their potential. This will be an exciting time for clients and all those involved in the businesses”, said June Felix, Global CEO, IG Group.
Crypto.com expects to complete the acquisition of Nadex and the Small Exchange in the first half of 2022, pending regulatory review. Both companies will fold under the Crypto.com brand.
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