Crypto.com continues its expansion and has acquired two CFTC-regulated trading venues targeting the derivatives market in the US. Crypto.com has been on a marketing spree lately and it shows no signs of slowing down. The project shocked the market when it acquired the Staples Center in Los Angeles in a deal that saw the legendary arena change its name to Crypto.com Arena.
Crypto.com now announced that it is buying the U.S.-regulated North American Derivatives Exchange (Nadex) and Small Exchange for $216 million. The transaction is expected to close in the first half of 2022, following regulatory approval.
Chicago-based Nadex is a regulated derivatives exchange offering markets such as binary options, knock-outs and call spreads, while Small Exchange provides simplified access to the futures market. Both platforms are registered with the US Commodities Futures Trading Commission (CFTC).
With the acquisition of Nadex and Small Exchange, Crypto.com will enable US customers to trade derivatives and futures products. As Kris Marszalek, co-founder and CEO of Crypto.com, explains, the main goal is to offer a platform that is trustworthy, secure, regulated, and consists of top-notch tools. The ultimate goal is to achieve financial independence.
Crypto.com is also working to streamline its processes for fiat deposits and withdrawals. After integrating the Circle API to enable US dollar bank transfers to Circle-based USD Coin (USDC) wallets, the exchange has partnered with state-owned Silvergate Bank to enable dollar deposits and withdrawals for its institutional customers.