Crypto.com Acquires Two CFTC-Regulated Venues To Expand Further

Crypto.com acquires two CFTC-regulated venues that are targeting the derivatives market in the US, expanding further in the region as we can see more in our cryptocurrency news today.

Prominent crypto exchange Crypto.com acquires NADEX and Small Exchange, both of which are CFTC-regulated venues that are going to help the platform cater to US-based customers and to offer trading opportunities of certain derivatives and future products. As per a press release, Singapore-based Crypto.com announced a sale and purchase agreement to acquire two Commodity Futures Trading Commission regulated venues, Small Exchange and NADEX. For the unintended, NADEX is short for North American Derivatives Exchange and it is focused on retail but works as a regulated online exchange and clearinghouse. The Small Exchange is also a retail-user-focused futures exchange that is involved in offering small and simple products.

Crypto.com will be able to offer a US consumer base to trade futures products and derivatives with the acquisition of NADEX and the Small Exchange. The main goal as Kris Marszalek explained, the co-founder of Crypto.com, is to offer a platform that is secure, trusted, and regulated and offers amazing tools. The final goal is to achieve financial independence and 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.”

Since its inception in 2016, Crypto.com came a long way as it now has more than 10 million users. June Felix, the CEO Of Global IG Group commented after the announcement:

“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.
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com has recognized their potential. This will be an exciting time for clients and all those involved in the businesses.”

The exchange forged some of the most high-profile partnerships at the start of the year. The reports show that the exchange’s deal with Silvergate to facilitate the deposits and withdrawals of USD to the institutional players and even went on to become the first asset trading platform to comply with SOC-2 standards. The audit, tax, and advisory provider Deloitte stands behind the audit as we reported in some of our previous news. Besides, it announced the rollout of Cronos Mainnet Beta with a goal to deliver decentralized applications to Crypto.com users.

The digital asset platform’s entry into the sports sector was of great significance as it became the official crypto partner of the NBA giant Los Angeles Lakers and the NHL LA Kings.