Finance

Crypto.com buys two exchanges from IG for $216 million


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cryptocurrency company that recently paid a reported $700 million for the naming rights of the Los Angeles Lakers stadium has continued its deal spree with acquisitions of exchanges in London.

Crypto.com, which earlier this month signed a 20-year deal to re-name the Staples Centre the Crypto.com Arena, is paying $216 million to buy two exchanges from IG Group.

Crypto.com will buy Chicago-based Small Exchange and the North American Derivatives Exchange. The all-cash deal is expected to close in the first half of next year.

Kris Marszalek, Crypto.com’s CEO, said the deal “will give our customers access to an entirely new set of financial tools.”

Singapore-headquartered Crypto.com was founded in 2016 but went largely unnoticed until this year. The company has struck a series of splashy and expensive marketing and sponsorship deals, including tie-ups with PSG, Formula One, and Matt Damon.

The company runs an exchange that lets people buy and sell cryptocurrencies and NFTs. The IG deal will give Crypto.com customers access to futures and derivatives products, which are popular with retail cryptocurrency investors.

IG CEO June Felix said: “We’re really excited by this deal, as it delivers a significant return on the previous investments made in Nadex and Small Exchange and enables additional investment across all our businesses.”

IG shares rose 6p, or 0.7%, to 777p.

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