Cryptocurrency exchange Crypto.com has announced a sale and purchase agreement to acquire two exchanges in the first half of next year.
The exchanges are the North American Derivatives Exchange (Nadex)—a U.S.-based exchange and clearinghouse offering derivatives products—and a platform called the Small Exchange—a futures exchange aimed at retail customers.
“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 Crypto.com co-founder and CEO Kris Marszalek.
“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 offerings” Marszalek added.
Nadex is part of IG Group, a financial services firm with a market cap of roughly $4.3 billion. CEO of IG Group, June Felix, said this “is a fantastic deal that is beneficial to all parties.”
“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,” Felix added.
Crypto.com’s rise to prominence
The proposed acquisition is the latest in a line of attempts made by Crypto.com to make headways in the crowded crypto exchange industry that features names like Coinbase and FTX.
With that said, however, the acquisition also represents a slight departure from Crypto.com’s apparent modus operandi of sports advertising.
In recent months, the crypto exchange has made an effort to dominate the sports scene with multiple advertising campaigns, including a multi-million dollar deal for the naming rights to the Los Angeles Lakers’ and Clippers’ arena.
The exchange has also inked a $100 million partnership with Formula 1, where it could display its brand during races in exchange for helping the organization develop NFTs.
Crypto.com has also broken into the soccer world, after having become the sponsor for Italy’s Coppa Italia tournament this year. The tournament’s final also saw the release of NFTs to mark the occasion.