On Wednesday, IG Group Holdings disclosed that it is selling its stakes in two subsidiary trading platforms: Small Exchange and North American Derivatives Exchange (Nadex), to Foris DAX Markets which operate as Crypto.com.
IG owns Nadex but holds approximately 39% stakes in Small Exchange. The value of IG’s stakeholdings in both firms is anticipated to be $216 million, and the transaction will be completed entirely in cash.
The acquisition is expected to be complete by the first half of 2022, subject to customary criteria, including a regulatory evaluation.
“This agreement is really exciting for us because it provides a good return on our prior Nadex and Small Exchange investments while also allowing us to expand our operations across all businesses,” June Felix added.
June Felix is the IG Group CEO.
“We’re thrilled about the partnership, which will help us to integrate and expand our tastytrade and tastyworks franchises in the US and globally, where we believe there is a lot of growth potential.”
Small Exchange is a relatively new US futures exchange that opened in June 2020, while Nadex is one of the few licensed US platforms that provides binary options.
Furthermore, the news claims that the anticipated transaction will not significantly impact full-year adjusted operating profit expectations or medium-term revenue growth targets.
Meanwhile, Crypto.com is anticipating that the purchase of the two exchanges will allow it to provide its services to its US customers.
“Our mission is to provide our clients with a secure, trusted, and regulated platform with world-class technology for financial independence,” said Kris Marszalek.
Kris Marszalek is the Co-Founder and CEO of Crypto.com.
“This proposed partnership furthers our goal to make financial services more accessible and affordable for everyone, according to the company’s mission.” the company adds.
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