Popular crypto payments and wallet platform Crypto.com is in expansion mode. The company has announced that it is purchasing two exchanges in the United States.
On December 1, Crypto.com, based in Singapore, announced that it agreed to acquire Nadex and the Small Exchange from IG Group.
Nadex is a North American retail-focused regulated online exchange and clearinghouse offering derivatives products. Small Exchange also offers futures but they are smaller and simpler products aimed toward retail consumers.
The acquisition is from financial services firm IG Group Holdings and is valued at $216 million. Furthermore, the deal is expected to be completed in the first half of 2022 barring regulatory issues. Both exchanges will be included under the Crypto.com brand.
Overall, the grand plan is for Crypto.com to provide derivatives products to U.S. customers via regulated exchanges.
https://t.co/vCNztATSCO has agreed to acquire Nadex and The Small Exchange.
Details on what’s to come: https://t.co/PGlPuFOeUq pic.twitter.com/MuNP2jOyEQ
— Crypto.com (@cryptocom) December 1, 2021
Crypto.com Delving Into Derivatives
Co-founder and CEO of Crypto.com, Kris Marszalek, commented that the goal is to offer customers a secure and regulated platform. It will also have the tools to achieve financial independence. He added:
“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.”
Chicago-based Nadex is fully regulated by the Commodity Futures Trading Commission (CFTC). It is one of the country’s leading exchanges for binary options, call spreads, and Touch Bracket or “knock-out” contracts.
Also based in Chicago, the Small Exchange offers futures contracts that are smaller, simpler, and more capital-efficient. The products are also easier to understand for newer traders and retail investors.
Crypto derivatives comprise futures, options, perpetuals, and the like. However, they often come with leverage which has been blamed for the volatile crashes in markets when they are liquidated.
Crypto.com has been aggressively expanding over the past year or so. On December 1, Altcoin Buzz reported that the company partnered with Silvergate to offer USD transactions for institutional clients. In late November, Crypto.com acquired the naming rights to the Los Angeles Laker’s stadium.
CRO Price Update
The platform’s native token, CRO, has dropped a percent on the day to trade at $0.708, according to CoinGecko.
CRO is currently correcting from its November 24 all-time high of $0.965, having fallen 27% over the past week. The token has gained a whopping 230% over the past month, however.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.
The post Crypto.com Expanding Into Derivatives With Purchase of Two Exchanges appeared first on Altcoin Buzz.
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Popular crypto payments and wallet platform Crypto.com is in expansion mode. The company has announced that it is purchasing two exchanges in the United States.
On December 1, Crypto.com, based in Singapore, announced that it agreed to acquire Nadex and the Small Exchange from IG Group.
Nadex is a North American retail-focused regulated online exchange and clearinghouse offering derivatives products. Small Exchange also offers futures but they are smaller and simpler products aimed toward retail consumers.
The acquisition is from financial services firm IG Group Holdings and is valued at $216 million. Furthermore, the deal is expected to be completed in the first half of 2022 barring regulatory issues. Both exchanges will be included under the Crypto.com brand.
Overall, the grand plan is for Crypto.com to provide derivatives products to U.S. customers via regulated exchanges.
https://t.co/vCNztATSCO has agreed to acquire Nadex and The Small Exchange.
Details on what’s to come: https://t.co/PGlPuFOeUq pic.twitter.com/MuNP2jOyEQ
— Crypto.com (@cryptocom) December 1, 2021
Crypto.com Delving Into Derivatives
Co-founder and CEO of Crypto.com, Kris Marszalek, commented that the goal is to offer customers a secure and regulated platform. It will also have the tools to achieve financial independence. He added:
“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.”
Chicago-based Nadex is fully regulated by the Commodity Futures Trading Commission (CFTC). It is one of the country’s leading exchanges for binary options, call spreads, and Touch Bracket or “knock-out” contracts.
Also based in Chicago, the Small Exchange offers futures contracts that are smaller, simpler, and more capital-efficient. The products are also easier to understand for newer traders and retail investors.
Crypto derivatives comprise futures, options, perpetuals, and the like. However, they often come with leverage which has been blamed for the volatile crashes in markets when they are liquidated.
Crypto.com has been aggressively expanding over the past year or so. On December 1, Altcoin Buzz reported that the company partnered with Silvergate to offer USD transactions for institutional clients. In late November, Crypto.com acquired the naming rights to the Los Angeles Laker’s stadium.
CRO Price Update
The platform’s native token, CRO, has dropped a percent on the day to trade at $0.708, according to CoinGecko.
CRO is currently correcting from its November 24 all-time high of $0.965, having fallen 27% over the past week. The token has gained a whopping 230% over the past month, however.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.
The post Crypto.com Expanding Into Derivatives With Purchase of Two Exchanges appeared first on Altcoin Buzz.
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December 2, 2021 at 01:47AM