Prominent cryptocurrency exchange, CryptoCom is gearing up to acquire NADEX and Small Exchange. The proposed acquisition would help the platform cater to US-based customers and offer the trading opportunities of certain derivatives and futures products.
According to a press release shared with CryptoPotato, Singapore-based CryptoCom has announced executing a sale and purchase agreement to acquire two Commodity Futures Trading Commission (CFTC) regulated entities – NADEX and Small Exchange.
For the uninitiated, NADEX is short for the North American Derivatives Exchange. It is a retail-focused, regulated online exchange and clearinghouse. The Small Exchange, on the other hand, is a retail user-focused futures exchange involved in offering smaller, simpler products.
Objectives of the Proposed Acquisition
CryptoCom will be able to offer the US consumer base to trade derivatives and futures products with the acquisition of Nadex and the Small Exchange. The main objective, as explained by Kris Marszalek, co-founder, and CEO of CryptoCom, is to offer a platform that is trusted, secure, and regulated and one that consists of world-class tools. The final goal is to achieve financial independence. Marszalek further 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.”
Since its inception in 2016, CryptoCom has come a long way. Today, it has more than 10 million users. Following the announcement, June Felix, Global CEO, IG Group commented,
“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.”
Crypto.com’s Collaborations So Far
The exchange had forged some of the most high-profile partnerships this year. CryptoPotato had earlier reported Crypto.com’s deal with Silvergate to facilitate the deposits and withdrawal of USD to the bank’s institutional players. Last week, it went on to become the first crypto-asset trading platform to comply with SOC 2 standards. The international audit, consulting, tax, and advisory service provider, Deloitte was behind the audit.
Besides, it also announced the rollout of Cronos Mainnet Beta. The main intention behind the project was to deliver decentralized applications (DApps) to Crypto.com users.
The digital asset platform’s entry into the sports sector was also significant as it became the official cryptocurrency partner of the NBA giant – Los Angeles Lakers as well as the NHL’s – LA Kings.
CryptoPotatoRead MoreCryptoCom continues with its expansion and has acquired two CFTC-regulated venues, targeting the derivatives market in the US.